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:
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
PinkDome: The Craddicktator
And I'm sure there will be plenty more today. Stay tuned.Posted by Charles Kuffner on May 26, 2007 to That's our Lege