This sounds like the SAME problem I had, one hour after I purchased my Porsche, mind you!
Was driving nice, heard some wierd noises, then a boom, and the needles rocketed.
My AC Compressor had no coolant or something, caused some things to lock up...when it was all said and done I needed a new serp belt, crank shaft pulley, and some other odds and ends....$2000 for parts and labor.
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