Real-time crash and severity prediction is a complex task, and there is no existing framework to predict crash likelihood and severity together. Creating such a framework poses numerous challenges, particularly not independent and identically distributed (non-IID) data, large model sizes with high computational costs, missing data, sensitivity vs. false alarm rate (FAR) trade-offs, and real-world deployment strategies. This study introduces a novel modeling technique to address these challenges and develops a deployable real-world framework. We used extensive real-time traffic and weather data to develop a crash likelihood prediction modeling prototype, leveraging our preliminary work of spatial ensemble modeling. Next, we equipped this spatial ensemble model with local model regularization to calibrate model confidence training. The investigated regularizations include weight decay, label smoothing and knowledge distillation. Furthermore, post-calibration on model outputs was conducted to improve severity rating identification. We tested the framework to predict crashes and severity in real-time, categorizing crashes into four levels. Results were compared with benchmark models, real-world deployment mechanisms were explained, traffic safety improvement potential and sustainability aspects of the study were discussed. Modeling results demonstrated excellent performance, and fatal, severe, minor and PDO crash severities were predicted with 91.7%, 83.3%, 85.6%, and 87.7% sensitivity, respectively, and with very low FAR. Similarly, the viability of our model to predict different severity levels for specific crash types, i.e., all-crash types, rear-end crashes, and sideswipe/angle crashes, were examined, and it showed excellent performance. Our modeling technique showed great potential for reducing model size, lowering computational costs, improving sensitivity, and, most importantly, reducing FAR. Finally, the deployment strategy for the proposed crash and severity prediction technique is discussed, and its potential to predict crashes with severity levels in real-time will make a substantial contribution to tailoring specific strategies to prevent crashes.