right and by catastrophic what are we looking at valves, rings and what else possibly
As others have said:
Valves, Rings, Piston, Connecting Rod, Push Rod, Head+whatever hit it, Block (Cylinder wall) + whatever hit it, etc etc - the list is long.
Rings don't just go out suddenly unless you are nitrous injecting or had something that otherwise put huge huge load on a barely hanging on set of rings.
Probably not rings, you would have "some" compression even with pretty miserable rings.
I don't want to be the bearer of bad news but zero compression on any cylinders is bad news. I'd double check all cylinders because if any are zero, you're going to have to start digging in.
Do you know the history on this engine? Was it running properly recently?
"bad" here is not all that relative... zero compression means this structure which is designed to hold high pressure has a hole in it.
I would
NOT check compression till you figure out what is going on with cylinder 3.
Things that make a hole in this otherwise airtight object are either ruined engine or not ruined engine obviously, not ruined is 2 or 3 things long, ruined is 2 or 3 pages long.
If you are really LUCKY, a valve is stuck open and that is like super ridiculously lucky (no damage at all yet).
Kinda lucky a valve has dropped out of the keeper and is bouncing around - and you haven't ruined everything yet. (that valve will be bent and definitely ruined.
Neither of these are definitely a new engine / complete rebuild.
It gets worse from there..
Everything else that I can think of that causes zero compression is pretty catastrophic and will get worse the more you crank/run.
If you keep doing things like cranking / compression test etc you very likely will ruin the head/block whole shootin' match.
Stop everything and take a valve cover off to see if you don't have a bore scope and can diagnose.
I will even go so far as to say do not bump the engine to open the next valve so you can peer down with a scope - put a socket on the end of the engine and turn it by hand. If it is damn hard to turn, don't force it.
In your peeling out and rev-ing and and if you really really wrapped it up, that is when a keeper will fly loose and you end up with a bouncing loose valve.