A MD80's right engine failed at 1;500 FT after takeoff. An emergency was declared and the aircraft returned to the departure airport.

Narrative

Departed day VMC; I was flying; NAV TRACK; auto throttle ON; autopilot OFF. At approximately 1;500 FT heard a loud bang and felt the aircraft shudder; obvious right engine failure from all engine indications. Captain declared an emergency with ATC and got clearance to maintain 2;000 FT and return visually to land. QRH procedure completed for Engine Fire/Damage/Separation did not complete the QRH Single Engine checklist. [We] advised ATC of right engine failure with no fire indications; fuel remaining and an imminent overweight landing. Transferred flight controls on final; and completed the mechanical checklist. Captain made an exceptional touchdown at 141;000 LBS. There were 145 souls on board with no reported injuries to passengers or crew. [We got a] satisfactory inspection of engines and brakes completed by Crash Fire Rescue. Emergency equipment followed our taxi to gate. Flight time was 8 minutes. At some point; ATC advised us of a small brush fire off the end of runway; and suspected it was related to our problem. We witnessed the fire being extinguished south of the blast fence at the departure end of runway while taxing in. I am a reserve pilot and have worked every day since this event. This is my first opportunity to file this report. It seems obvious now that crew members experiencing an emergency should be relieved from duty following the event without question; and may not be the best judge of their ability to continue flying and handle the next possible emergency. Financial concerns; getting home; and our drive to complete an operation can be overwhelming factors in that decision and should be eliminated by pay protection and relief from duty.