HELP !! 1991 244 won't run/start

[Boston Volvo]

My friend was driving his 1991 244 yesterday when the engine quit on him. I have no idea what it might be so I thought I'd throw this out there. He said that while driving, the engine raced for a few seconds and then shut off. He tried to restart it, it ran normally for a few seconds and then shut down again. He also noticed that at this time, the Check Engine Light was definitely on and he thinks the brake light and oil pressure light may have been on too. Can anyone tell me what this might be??