This literally happened in my current team, and I'm not even an experienced dev yet.
Incident happened like this :
Our team is working on a RCP based on eclipse plugins, which has a headless mode and a GUI mode. Now, in the GUI mode, my manager cum architect thought there are no need of user log files (long story) because the user can see the info on screen, whereas in the headless mode, she wanted me to print the logs onto the console and a log file as well.
Now it just so happened that our team had got a recent addition as a replacement to our lead developer (she left the company) who claimed she had 3 years of expertise and a masters degree, and she was assigned a task. The task was to format a custom file we were generating out of the product (basically dumping info in a file) in a human-readable format. Miss new-addition-masters-degree decided it would be a very good idea to redirect the standard java output stream to a file output stream ( which she used for generating the formatted file ) but somehow never realized that she needed to reset the output stream back to standard output.
Consequences were devastating. I wrote the logic for the logger ( yes, apparently any available logging mechanism won't do it, again, long story ) and had it printing to a file in tmp directory. The logs seemed to be working fine initially but after a few logs, specifically from the point where the formatter started working, all the logs got printed in the formatted file. And this file was supposed to be used by our clients to develop something on top of it. Naturally, I got the heat of it and then naturally, worried and nervous and curious and in a frenzied state of mind, I started debugging.
When I got to the actual fault, I seriously could not decide whether to cry or laugh or call up miss masters and scream at her. I decided to ask her about what the hell she had written and her answer was most of it was written by the developer she replaced, so she didn't know it would cause this much problem. Anyway, I fixed the leak after that and averted the catastrophe.
And that, fellow devs, is the story of how I solved a crisis in my first year at corporate.