I would go straight ahead and say one of your turbo's has gone. If it was my car, I would be very reluctant to run it seeing what damage can be caused if it lets go completely and just have it flatbedded to the dealer.
I'm no expert though, so don't put money on my diagnosis!
Sounds bad either way.
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Gone: 2006 BMW E60 520d SE 6MT
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Current: 2012 F30 328i Luxury 8AT
On Order: 2015 Audi A6 Avant Ultra, Black Edition (sorry!)
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