In the version of the myth told by Ovid in the Metamorphoses, Phaeton ascends into heaven, the home of his suspected father. His mother Clymene had boasted that his father was the sun-god Helios (In Roman mythology the sun-god is Pheobus or Apollo) Phaeton went to his father who swore by the river Styx to give Phaeton anything he should ask for in order to prove his divine paternity. Phaeton wanted to drive his chariot (the sun) for a day. Helios tried to talk him out of it by telling him that not even Zeus (the king of gods) would dare to drive it, as the chariot was fiery hot and the horses breathed out flames. Phaeton was adamant. When the day came, Helios anointed Phaeton's head with magic oil to keep the chariot from burning him. Phaeton was unable to control the fierce horses that drew the chariot as they sensed a weaker hand.
"...consider what impetuous force Turns stars and planets in a diff'rent course. I steer against their motions; nor am I Born back by all the current of the sky. But how cou'd you resist the orbs that roul In adverse whirls, and stem the rapid pole?"[2]
First it veered too high, so that the earth grew chill. Then it dipped too close, and the vegetation dried and burned. He accidentally turned most of Africa into desert; bringing the blood of the Ethiopians to the surface of their skin, turning it black.
"The running conflagration spreads below. But these are trivial ills: whole cities burn, And peopled kingdoms into ashes turn."[2]
Rivers and lakes began to dry up, Poseidon rose out of the sea and waved his trident in anger at the sun, but soon the heat became even too great for him and he dove to the bottom of the sea.
Eventually, Zeus was forced to intervene by striking the runaway chariot with a lightning bolt to stop it, and Phaëthon plunged into the river Eridanos. Helios , stricken with grief, refused to drive his chariot for days. Finally the gods persuaded him to not leave the world in darkness. Helios blamed Zeus for killing his son, but Zeus told him there was no other way.
This story has given rise to two latter-day meanings of "phaeton": one who drives a chariot or coach, especially at a reckless or dangerous speed, and one that would or may set the world on fire.
http://en.wikipedia.org/wiki/Pha%C3%ABton