My 1999 VW was blinking a red thermometer as soon as I turned the car on. I checked the oil and water and it was fine. I drove car and white smoke started coming out of the engine and exhaust, there was a little black smoke also and the car just quietly turned off and now it just makes the starting sound but will not start. When I checked again the water was very little and the oil also.
Maybe your water pump failed? Causing your coolant to boil inside the block destroying seals and gaskets allowing water and oil to invade where they shouldn't, further boiling/burning into smoke and eventually stalling the engine.
First thing you want to do is investigate what caused your cooling system to fail and also identify where your fluids went. Was there a massive leak or was it all boiled or burned? Is there now coolant in your oil or oil in your coolant?
Does the starter still turn the crank over or has it seized? Run a compression test on the engine to see if the cylinders have been damaged (Don't start the engine though).
You will likely be looking at head gasket replacement at the very least. You might want to take it to a shop for diagnosis but buying a new engine or vehicle might be quicker and easier and probably even cheaper.
If you drove the car with the engine that hot, you almost certainly did serious damage to the engine. Smoke would seem to support this theory. It's a bit odd that the temperature light was on as soon as you started the vehicle though. Had it been running just prior to the last start, or sitting cold? At this point, I'd say you're looking to figure out what happened and whether it's repairable. Worst case is probably complete engine replacement. Unfortunately given your description so far of what happened, I think your best case is likely to be major engine overhaul work, which would only make sense as an alternative to replacement if you feel up to doing it yourself (paying someone to do it will cost as much as a new engine).