You are dealing with 2 separate issues you need to look at. The pothole probably damaged a belt in the tire or knocked off a wheelweight or you might want to have the alignment checked.
The blowing sound you describe is a plugged exhaust system. Either part of the exhaust system is smashed or the honeycomb matrix (the guts) of your catalytic converter are broken up. Hit the outside of the catalytic converter with a rubber hammer and see if you can hear rattling in your converter. Or possibly the Air tube has broken off the catalytic converter.
You may have broken the steel belt in the tire that hit the hole or damaged a front suspension part. An exhaust pipe or muffler may have been dented. monitor engine temperature for exhaust problem, look for higher engine temps to show seriousness of damage and possible drop in gas mileage. I would have exhaust and front suspension visually inspected for damage.
Because my turbo is probably worn out and oil is leaking in to the exhaust.
you are blowing exhaust through the intake. It doesn't take a rocket scientist to figure out what that means.
its farting
Have you checked the exhaust. If you have lost back pressure you will loose power. Make sure it is not 'blowing'.
If your engine is blowing blue smoke your engine is burning oil.If the smoke is present on acceleration, the piston rings are bad.If smoke is present on deceleration, then the valve guide seals are bad.
blowing up.
Possible exhaust leak
Yes, wherever there is a joint between 2 pipes, use exhaust sealant to prevent a bad seal between the pipes, which will prevent it blowing.
Check the exhaust for oil on it. A leak is most likely blowing onto the exhaust and burning off.
It might be an exhaust leak
You must take them off. I took mine out of my '84 300 turbo by turning my steering all the way to the right. That gave me enough room to weasel it out between the steering and exhaust.