http://abclocal.go.com/kabc/story?section=weather&id=7262138

Lake Elsinore
State Route 74 between San Juan Capistrano and Lake Elsinore has been closed because the Ortega Highway has washed out. California Highway Patrol officers say the twisting roadway has completely eroded away in storms.

edit: more info on LA Times website:

http://latimesblogs.latimes.com/lanow/2010/02/rains-wash-out-ortega-highway.html

OC Register:

MISSION VIEJO Caltrans officials have shut down Ortega Highway to westbound traffic until Sunday morning, after the road flooded earlier today, California Highway Patrol officials said.

Westbound lanes around the six-mile marker are closed and the eastbound lanes are only open to nearby residents and employees of the Nichols Institute in San Juan Capistrano, CHP officials said. It may take crews up to two days to finish repairs.