Low power + loud noise

I went no more than half a mike today when as I accelerated I heard a kind of a 'pop' followed by sounds as if there was no exhaust system on the car. When I lay off the accelerator the sounds went,engine normal idle. I gave the engine a few revs and the sound comes back.
The thing sounds like a clapped out farmers car that has had its whole exhaust ripped off.

I got a look under neath and no signed of the exhaust system failure. As it was late and dark I haven't looked any further.

Could a pipe have come off the turbo? Hence loud noise,loss of power?
Any ideas what to check.
Engine idle normal and no lights in dash

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Low power + loud noise