Lil Dog could be right. It either has to be a seized turbo, a blown off boost hose or a totally plugged air filter, my guess would be a blown off hose, you would have probably heard some screaching if the turbo locked up. Check all of the connections from the turbo to intercooler and then from the intercooler to the motor. I'm not sure how the intercooler is on the 1st gen, but on the 2nd gen, even it it has a leak it isn't going to be too bad because it can only be a small leak because it has a whole bunch of samller lines that run from one side to the other. You'd hear that leak... . I know, dad shoved a stick thru his... ya could hear it blow air everywhere. My money is on a blown off or ripped hose/coupler. Good luck.
Corey