Hi guys, thanks for your posts. Here is some additional info which, hopefully, will also answer questions raised so far.
1) The dead receptacle is in the furnace room in the finished basement. (The furnace is on a different circuit and is working fine.) There are a black, white and ground wires coming out of the box, so it is an "end of the run" receptacle. Please note that I did replace the old receptacle so there is a new one in its place now (still not working). I tested the bare black and white wires with a tester and there is no current.
2) The circuit breaker is labelled as a "twin unit". Two single 15Amp switches in the same unit. Each switch operates independently. The bottom switch is currently turned off as it is for a baseboard heater in another room which is not currently in use. Based on my old notes, it appears this receptacle is on the top switch of the twin circuit breaker.
When I turn the upper switch off, there are 5 ceiling lights and another wall receptacle in the basement bathroom that also shut off. The bathroom receptacle does not have "set and reset" buttons and neither does the dead receptacle. The bathroom receptacle is working fine, both upper and lower outlets.
3) Similar to Keebler's problem, there was already a pre-existing problem before the incident last night. The upper outlet on the now dead receptacle was not working so the old CO detector was plugged into the lower outlet.
For some unknown reason, the male double prongs on the old CO detector was wedged in so tightly into the female outlet that I could not remove by hand, hence the SCREWDRIVER. (Rock: You should have turned the circuit breaker off at this point.)
The SCREWDRIVER popped the CO detector off the receptacle and there was a brief small flash (spark?) at the same time. Everything else was working normal (and is still working normal from what I can see) and the circuit breaker did not trip.