The Oven Exploded!

My oven is only 7 years old and is not gunky on the bottom or anything... the other day I saw a red spot (not a flame) on the bottom element when I was cooking. I figured something got on it and was burning off. The next night, I preheated the oven. I had to go outside to get my daughter off the swing and I came back in, walked around the kitchen, and back towards the oven to put some garlic butter on my bread sticks. Then I heard a sound like the dishwasher starting, but it was from my OVEN! It was like "zizzizizizi!" and the whole oven lit up! I stepped back to look at it, saw the light, and turned off the oven and the stove top. There was a bit of smoke, not enough to set off the smoke detector, but the flame would not go out- it was inching around the element. So I ran out and turned off the breaker, which did make the flame go out. So I turned the breaker back on (I was brave) and turned the over back on. It did not burn down the house, but it never heated all the way either. My bread sticks were sort of cooked and then I broiled them to finish them. That element still works.
So this week at the grocery store, I bought things that can be grilled or cooked on the stove top. I thought this may save some energy and money on my power bill, but I guess I have to get it fixed! At least the house did not burn down! :)