Even better news - You don't have to crawl under the car, it's all visible from under the hood! And also, a good used turbo from a junkyard is pretty darn cheap if you (or a junkyard frequenter) pulls it for you. I worried for years about my turbo being bad because of all the talk about problems, but it's been 6 years and no problems with it.

Good Luck.

PS If you keep your upper body really warm, the rest of you will be warmer too.
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1990 740 Turbo, on its way to stock specs, maybe beyond

McDuck is right on the money. First thing to check are the hoses in the induction system. Take them off, clean, and visually inspect. It is probably the hose connecting to the throttle body, but the other two also fail. The hose on the outlet side of the intercooler wears out on the bottom side.

If you eventually need a turbo, it is going to cost you. I think you can get a turbo rebuilt for about $300, but your shop has to take it off, and re-install it. They are in the business of making money and you can't fault theme for that.
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john

OK, dropped her off at the mechanic yesterday. Here's the problem:

There's a valve in the intake system that allows bleeding off of excessive pressure. It's held on the front of the block by two big-assed allen bolts. Somehow those two bolts had backed off damn near all the way, giving the engine God's Own Vacuum Leak.

New gasket, bolts snugged down, fresh air filter, and the damn thing drives like new. Turbo is fine, I still have money for more important things (like guns and parts for that other Euro troublemaker we own, the Vanagon) and life is back to normal.

Phew.

Thanks to all who responded.

Dan