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From what I've seen, 7.5 pounds on a non-intercooled high compression motor like the Boxster and you are sure to blow the motor. As has been discussed, heat and cylinder pressure are you enemy, and I'm sure you have too much of both right now.
The "starving for oxygen" you describe could likely be detonation, which will likely throw a rod or put a hole in a piston or break a ring land.
If I were you I would turn down the boost on your kit before you find yourself buying a new motor.
Patrick
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