If you are talking about the 'big one' having it's epicenter in orange county, CA - that is highly unlikely unless there is some major fault line that has yet to be discovered lurking beneath the ground there.
However if you are asking about the big one that is speculated to occur on the southern portion of the San Andreas fault sometime in the next 20 years, than yes it is most certainly going to be felt in Orange County. Not sure if you experieced the 7.2 Baja Mexico EQ that happened on Easter 2010, but that was felt from far away places like Orange County, downtown LA and Phoenix, AZ.
When this 'big one' happens in southern CA, it's projected to be anywhere from 7.5 - 8.0+ magnitude and that will certainly lead to wide spread damage and chaos all over southern california, from San Diego to Central California. Expect casualties well into the 1000's, freeways destroyed, landslides, tsumani/flooding in coastal cities, power outages that could last weeks or months, riots, fires, etc. If the EQ is something of biblical proportions like that 2012 movie that the entire west coast might just sink underwater, but at the very least every home and building will be reduced to rubble.
Here is an interesting, speculative description of what to expect when the big one strikes:
http://www.drgeorgepc.com/EarthquakesCalifornia.html