[TECH] Is my engine shot?(was Bad Coil?)

So i replaced my distributor today, without luck. i noticed that after cranking the engine, my cam/distributor timing marks are still aligned. hmmm. crank again. still aligned. then i turned the crank by hand; the accessory belts all turned, but the (still intact) timing belt didn't. i had a friend turn the starter while i watched, and again all the belts but the timing belt turned. it didn't appear that the crank pulley (where the timing belt sits) turned either. the only thing that i could think of that could cause this would be if the timing belt pulley disengaged from the crankshaft somehow (but then would the vibration damper turn?). i think this would also cause me to think my hall sender was bad, cuz the distributor isn't turning, so no signal from the sender. i'm thinking that in any event my engine is screwed, because my v-belts (all ultimately crank driven, right?) all turn, while my cams definately do not. this would be the same effect as a broken timing belt, =bent valves. could somebody please please please set my mind at ease and tell me everything will be alright? if not, i guess i'll be doing my 16v 2.0l swap sooner than expected. anyone have one in the atlanta area?