Did it work at all when you picked it up?
Do you get any sort of positive pressure from the turbos, or nothing at all?
Have you checked to see if your turbos are actually spinning?
I read a while back about something similar with regard to sudden turbo loss and a loud induction noise, I think Mr Whiffen posted it up. Turned out that the black rubber pipe that links the big aluminium turbo pipes (on top of the TT system) had collapsed in on itself. From the outside, the pipe looks fine, but on inspection, the whole inside had closed up to a hole about a CM wide. It's an easy check, and it might be something that was overlooked.
EDIT - found it
http://www.mkivsupra.net/vbb/showthread.php?t=169670
I made the bit up about the noise, but worth a look.