Smoke in exhaust, squeal under hood.

[RIDETHE]

I just bought an '08 last week. I put my Minimaxx on last night mostly just to have gauges and read DTC's. I made a pull in hot once up to 60mph. Today, on the way home from work in the "no power" tune, I hear a squeal start coming from under the hood. Figured it's a bad belt or idler going. I start poking around up under the hood, and decide to run to the auto parts store. As I pull in I notice a plume of oil-smelling smoke surrounding me. Looks to be coming out the exhaust. Check under the truck, and there appears to be oil spitting out the joint between the downpipe and CAT.

Anyone have any idea what this is? I bought this truck for reliability, not to have this s*** happen.

[RIDETHE]

Not even making 20psi of boost, so I guess it's turbos. Anyone know lemon laws in Texas? I bought the thing 7 days ago.