Truck has 86,000 miles, and just started chirping about a week ago. Tried some belt dressing. No dice. Noticed it was coming from the back of the engine. Today while driving on the interstate, I attempted to pass someone and punched it doing 65, truck missed/hesitated/jumped like crazy, and did not want to accelerate. This was happening right at 4000 rpms. I let off of the gas and stopped accelerating, and just maintained speed. I then tried punching it again, mashing on the gas pedal and it did the same thing: shot to 4000 rpms and stuttered like a retard. Oil pressure gauge is fine. I just took it easy and 80 miles later, I was doing 35-40 mph on a side road, punched it, and it does it again. Now from what I've read in other forums this is probably the Camshaft Position Sensor (CMP) and Synchronizer and needs to be replaced. Well that's all fine and dandy, but pay day isn't here yet. I'm worried that if I drive it I run the risk of locking up my engine due to sudden failure of this device, as it controls the oil pump. Anybody have any horror stories of suddenly locking their engines due to this, especially within a week or two of hearing chirping? Is it possible to go from purring kitten to locked engine in a split second if the synchronizer suddenly stops working for whatever reason and my engine can't get oil? This is my only vehicle, and I can't afford to have anything too major happen to it. Any help is greatly appreciated!

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2003 Ford Ranger Edge 3.0L V6