99 Altima Quit, Cranks but Won't Start Sudden loss of compression

This is a long story but I'll try to keep it brief. Car was running great with no problems. Going 55 mph and it cuts off dead. Tow it home. No Codes at all. Pulled plugs and have fire. Tried to start on ether and no good. Laid plugs over each hole and spun and gas vapors were burning out of each hole. Took valve cover off and put crank on TDC mark and verified that all valves close on #1 cylinder and rotor button pointing at #1 plug wire so timing looks good. Replaced distributor and no good. Checked compression and had a poor 65psi on all four cylinders. Did oil wet test and compression jumped up to 180 psi on all cylinders indicating rings wore out. Now my question is how can an engine go from running just fine with great power and no problems cranking to be wore out with so low a compression it won't crank????? After putting oil in each cylinder I put the spark plugs back in and the car fired and almost started until the oil burnt out.