McLaren's Kimi Raikkonen took provisional pole position for Sunday's Monaco Grand Prix ahead of Renault's championship leader Fernando Alonso in Saturday's first qualifying.
With Ferrari's seven-times world champion Michael Schumacher languishing in 11th place, the glamour race looked more likely than ever to be a street fight between the Finn and his 23-year-old Spanish rival.
Australian Mark Webber was in third place for Williams, reviving that team's hopes, with Alonso's Italian team mate Giancarlo Fisichella fourth.
The session was halted with three cars still to run when Toyota's Ralf Schumacher clipped a barrier and speared across the track.
The German emerged unscathed but his car was wrecked and oil and debris was scattered across the track.
The second impact shattered the right side of the car, leaving it a smouldering wreck.
His team mate, Italian Jarno Trulli who won last year for Renault, had been due on track immediately afterwards and was able to set only the seventh fastest time.
1. Kimi Raikkonen (Finland) McLaren 1:13.644
2. Fernando Alonso (Spain) Renault 1:14.125
3. Mark Webber (Australia) Williams 1:14.584
4. Giancarlo Fisichella (Italy) Renault 1:14.783
5. Juan Pablo Montoya (Colombia) McLaren 1:14.858
6. Nick Heidfeld (Germany) Williams 1:15.128
7. Jarno Trulli (Italy) Toyota 1:15.189
8. David Coulthard (Britain) Red Bull 1:15.329
9. Jacques Villeneuve (Canada) Sauber 1:15.921
10. Rubens Barrichello (Brazil) Ferrari 1:16.142
11. Michael Schumacher (Germany) Ferrari 1:16.186
12. Felipe Massa (Brazil) Sauber 1:16.218
13. Vitantonio Liuzzi (Italy) Red Bull 1:16.817
14. Patrick Friesacher (Austria) Minardi 1:18.574
15. Christijan Albers (Netherlands) Minardi 1:19.229
16. Tiago Monteiro (Portugal) Jordan 1:19.408
17. Narain Karthikeyan (India) Jordan 1:19.474
18. Ralf Schumacher (Germany) Toyota
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