I should add that I've always had the thought in my head that you're supposed to slap a lid on such a flaming oil fire, starving the fire of oxygen. That is if you can depend on the lid to fit tightly. Baking soda is supposed to be another good fire putter-outer.

I guess the trick is to remember these before you get the pan under the tap. Of course it could have been so much worse (http://www.youtube.com/watch?v=bAgptNEZ7vg).