This is happy news and miserable news at the same time! I agree that you should definitely NOT look (and hope he's not secretly on tPF)! I have a similar-but-different story that might amuse you...
...A long time ago I was in a fairly serious relationship with a guy, and he lived in a neighboring state. Well, he came to visit right after Valentine's Day (ON Valentine's Day he had a huge bouquet of roses delivered to my home, so I was not expecting a gift) and when he came in he took off his coat and laid it over the back of my sofa. When I walked past it, I spotted a "diamond certificate" peeking out. O. M. G. I totally panicked. I didn't know if he wanted me to see it, or if it was opened like that accidentally, but I was totally freaking out. He called me into the other room and said he had something for me, and I immediately told him I had to jump in the shower! That must have been the world's longest shower, as I was afraid of what would happen when I got out! I knew if he proposed I would have to turn him down. Eventually I did get out of the shower and faced "the box"...only to discover a diamond and ruby ring -- non-engagement. WHEW! (A few months later I had a dream that it was the day of our wedding and I was panicking (again) trying to figure out how I could get out of it when all the guests had already arrived. That weekend I broke up with him.)
Anyway, totally irrelevant to your story, but it might cheer you up in the meantime! Try to forget that you saw the ring, because as soon as it leaves your mind he will pop the question. Happy waiting!
I really enjoyed this story! I am a true believer that our gut tells us when something isn't right. I'm glad you listened to yours. You have great instincts!