The oil light flashes when the oil PRESSURE momentarily drops below 4.3 PSI and will continue to flash until the ignition is turned off. If the oil pressure stays below 4.3 PSI, the light will be constantly illuminated. Low oil pressure will certainly prevent the VTEC from engaging. Since you stated your VTEC is also not working, I imagine the oil pressure is indeed the problem. The low oil pressure indicating circuit is operating properly. Check the oil pressure ASAP. I would not even start the car until then. Have the car towed if someone else will be checking this.