Your water pump seized up. Simple repair. Hopefully the car did not get too hot and warp anything. That is what I think happened. Make sure it is replaced with the oem porsche part. 
Jay
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996 3.4 engine with 2.7 986 5speed transmission
Ebay Headers, Fabspeed high flow cats, JIC Cross, IPD Plenum, H&R Coilovers, B&M Short Shifter, AEM Uego Gauge Type Analog, Apexi S-AFC Select, 987 air box, Litronics, 2000 Tails and side markers, painted center console, 18" 987 S-Wheels, GT3 Front bumper with splitter.
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