Two quick easy checks. Pull the wire from the ignition coil and stick a screwdriver in the end. Prop the screwdriver so there is about 1/2" of gap from the blade of the screwdriver to some ground point (an inner fender well, etc). Keep body parts away from the screwdriver and have someone crank the engine. If you have spark, the ignition system is not the problem. If it does not spark, check the plug on the front of the distributor and the connections on the coil. In the run position, the + side of the coil should have a steady ~12v. Cranking the engine with a test light across the terminals should make the light blink. If it blinks and no spark, replace the coil. If no blink, the problem lies in either the ignition module or the pickup in the distributor.
Also, when you switch the key to 'run' position before cranking the engine, listen for a whirring noise from the fuel pump that lasts about 5 seconds then stops. If no noise, it could be a blown fuel pump fuse, relay, or the impact cutoff switch could have been tripped. I think that is located in the trunk on the driver's side on the hinge. It should be in the owner's manual and any service manual. I think the white button on the top just pushes in or something. If all that checks out, and you get +12v across the fuel pump plug (somewhere on the gas tank probably, look for the fuel line on the passenger side of the car and trace it to the tank. Usually the power connectors and the fuel connection are close together on the top of the tank) the pump is probably bad.
If you have "fuel and fire" as they say, and it still won't start, it could be a lot of things that I don't know enough about Ford engines to diagnose. I'm a boat mechanic by trade, and seldom deal with FI systems, so I'm not the best reference. Marine FI systems are somewhat different than auto ones anyway.