Short answer: Several members attempted to make a motion to vacate the Speaker's chair. Craddick refused to recognize them, refused to allow an appeal of his rulings, and declared that he had sole and total discretion in the matter. If that sounds to you like he promoted himself from Speaker of the House to Supreme Dictator For Life, I'd say you're on the right track.

For the long answer, I recommend reading the accounts of the people who stayed up much later than I did to watch it all:

BOR: Rep. Hill Takes the Podium- Motion to Vacate

BOR: Picture Worth A Thousand of Terry Keel's Words

BOR: Todd Smith (R-Euless) Plays Key Anti-Craddick Role

BOR: House Adjourns, What A Night

Texas Observer: His House, His Rules

Capitol Letters: Wonder what the heck just happened?

Capitol Letters: In case you're wondering...

Capitol Letters: The Craddick Rationale

Capitol Letters: Edgar Bergen and Charlie McCarthy

Chron Blog: A view from the wrong side of the door

Chron Blog: Thoughts on the night

Chron Blog: I say it here, it comes out there

EOW: Otto Craddick application of Rule 5 Section 24

PinkDome: The Craddicktator

The Muse: Charlie McCarthy and Edgar Bergen Co-Speakers of the Texas House

And I'm sure there will be plenty more today. Stay tuned.

UPDATE Missed Postcards from the Lege, Craddick's Legal Rationale Released, Craddick ruling splits Centex supporters, and Rose talks about decision to leave Craddick camp.