We examine a phase field crystal model for simple liquid-solid systems consisting of a free energy functional related to the Ramakrishnan-Yussouff free energy of classical density functional theory and an equation of motion capable of describing long-time-scale behavior in the deeply supercooled regime. The thermodynamics and dynamics of freezing and glass formation in this model system are studied through large-scale three-dimensional Langevin simulations. At low cooling rates bcc crystals are formed by nucleation and growth from the melt. At large cooling rates no clear glass transition is observed, but a kinetically driven first-order transition from supercooled liquid to a disordered glasslike solid does occur. Despite the peculiarities of the transition, the structure and properties of the resulting disordered solid are shown to strongly resemble those of a typical glass. Consequences of pseudocritical behavior and heterogeneity near the liquid spinodal are also discussed.