[2000SoCalBoxsterS]

With that smoke coming out of your engine the squeak is the least of your problems. This sounds serious. Don't waste time asking questions on the forum take it to a qualified Porsche mechanic now. The Boxster has 3 piston rings, two upper compression rings and a lower three-piece oil scraper ring. Either the compression rings or the lower scraper ring may be shot and letting oil blow by and burn. Soon your CATs will be ruined so don't wait get it fixed now before it becomes any more expensive to fix. This would also explain your high engine temps as the pistons are not getting enough oil. Eventually they will sieze up in the cylinders. This is only one possible reason for your problem. It could very well be something else.