Your gas mileage will be greatly effected. You could damage the oxygen sensors as well as other sensors. edit:
I don't know about damaging the oxygen sensors necessarily but the oxygen sensors do return information to the engine to change the fuel mixture of your car, resulting in poor fuel mileage. Also your car will create more toxic pollution. In an older car without an oxygen sensor this is not a problem. In fact, it makes them open up and breathe better and even roar a little bit (heh). But it is illegal and it does pollute the air.
Firs off, it is illegal to remove the converter. Secondly, the engine will not run correctly with the converter removed. Leave it alone, or if it is defective, replace it with a new one.
it is illegal to remove a catalytic converter.
First thing is that it is illegal to remove the converter from any vehicle. Secondly the engine will not run properly without the converter in place.
The engine will be fine. But the catalytic converter in the exhaust system will get plugged up. Usually the sensors get messed up and the engine doesn't run right. The catalytic converter gets extremely hot and can catch on fire.
Your check engine light will come on and you will fail emissions.
You can do serious damage to the catalytic converter if the check engine light starts to flash.
Loose of power, hard starting, poor fuel mileage, and the converter will get red hot.
It will make your truck a lot louder, hurt fuel mileage, and make the check engine light come on and it is illegal to do this.
Depending on where you live, you MAY be in violation of emissions law.
Maybe a bad catalytic converter
I had this happen years ago with a Suzuki Samuari ... smog hoses would blow off engine, oil would blow out every conceivable connection. Turned out it was a clogged catalytic converter, causing excessive back pressure, blowing past piston rings, and pressurizing the crankcase. Since your car is turbo charged, it >might< be a frozen turbo that's creating backpressure, or a defective catalytic converter. Unfortunatly with my Samurai I took it to a shop for diagnosis, and they said the engine was shot. I bought a rebuilt engine and installed it, only to find out that the same condition occurred, and finally traced it to the catalytic converter. A quick test is to take a mallet and bang on the catalytic converter. You should NOT hear anything rattling around inside! If you do, it could be the 'core' inside the catalytic converter has broken loose, and is pushing up against the out-pipe and causing the backpressure. Hope this helps...but I'd be worried about the turbocharger...
It is illegal to remove any emissions control devices from a vehicle.