I have a 292 in my 1955 F350, probably from a 60's era car.  A couple of weeks ago I was driving a long and heard what sounded like a bolt coming loose and banging on the frame.  Well, the engine immediately died.  I towed it home and got under the hood.  I found that the rotor wasn't rotating at all.  I could rotate the engine by the starter with no problems.  Set the engine on TDC and tried to pull the distributor, it wouldn't budge.  So to give myself some more room I pulled the intake manifold off; this time I was able to get some leverage and bump the engine over and out came the distributor.  I looked at the drive gear and it was missing two teeth and the distributor shaft was as tight as a german virgin.  At this point I could look down at the cam shaft gear and it had two teeth missing.  The engine doesn't even have 500 miles on it.  I haven't taken the distributor apart yet but has anyone else had a distributor just freeze like that?