Sorry i've been lax on the responses but here we go:
1. no denial on it being the cog/lockring... just ignorance and an interest in exploring all possible causes of the problem to correct said ignorance :-)
2. I am new to the fixie revolution but have been riding for almost two months now rain and shine (and snow) and have been skidding in all types of weather and this was definitely not a skid... complete loss of power transfer to the back wheel was what it felt like
3. managed to lossen and tighten the cog without touching the lockring so either the lockring is not tight enough or the cog is too small... I'm off to purchase a lockring tool right now to see which it is
4. Hoping like hell its just a need to tighten everything down. The wheel is under warantee (spell?) and the guy who owns the shop is super cool, but i don't wanna miss even a day riding my fixed.

I'll update again once i've tried tightening the lockring...