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Thank you all for the good advice. Here's some update.
I went back to the shop this morning. The shop owner didn't take the engine apart because it would take another 25hrs worth of labor just to find out what the extent of the damage is. He told me that the problem was probably caused by a failing VarioCam tensioner which caused cylinder 4, 5, and 6 to get out of timing and most likely bent some valves... or more. Total cost estimate for repair the engine (assuming only the valves were damaged) is around $8,000 (parts and labor).
I then went to the 2nd Porsche independent shop to get a rough estimate for an engine swap. Obviously, he couldn't give me an exact number until he finds an engine but he said it'll probably cost between $8,000 and $10,000.
I called a local Porsche dismantler, he told me that he won't pay more than $2,000 for the car as is. If I decide to buy a 3.2L engine from him it'll cost me around $6,000 which is in line with what the 2nd shop owner told me earlier.
I think the best course of action for me at this point is to tow the car back to my house and take some time to think about it. One thing for sure is no matter which way I go I'm gonna be losing a lot of money. I seriously doubt anyone would be interested in buying a 2001 Boxster S roller for more than $3k-$4k even if the car looks amazingly good cosmetically.
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