Spectrum of Interpretation on Great Flood

The Great Flood of Noah is a classic Bible story - and a contentious one. Many would argue that traditional or literal interpretations cannot be squared with modern scientific thinking - others reject that science. I'm sure you also have an opinion. **I'm primarily interested in knowing what the main streams of interpretation are.** How, for example, do the major churches (Catholic, Orthodox, Baptist, Lutheran, etc.) interpret this story — is there an official teaching? Beyond doctrinal arguments, what's the spectrum of belief in interpreting the Flood, and in reconciling it with later NT references and concepts of inerrancy?