Diagnosed dead at 76K miles

[GhengisEEK]

My 2000 Boxster recently was diagnosed "dead", or must be replaced. Needless to say I'm seeking second opinions.

When I left home, it left a strange smell in the garage. Down the road some 40 miles the oil light flickered on the dash, and a squeel came from the back. I stopped driving the car within 200 yards of the oil light.

My first thought was the oil pump or some belt was causing the squeel. My mechanic told me that pre '02 Boxsters are known to have a "defect" in the engine that the cams go bad... I'm awaiting the full report tomorrow.

I'm being told that engine should be replaced... can't this be rebuilt?
Anyone have/know of such a experience?

I was quoted $9k for the new 2.7L, and $3k for installation. I'm looking for options (1) byte the bullet (2) rebuild if possible (3) sell the car (4) ?