You really need to find out what the code was.....I'm going to go out on a limb and say it's due to a weak high pressure oil pump but don't quote me on that.
You probably were hearing turbo compressor surge, as hearing the wastegate actuation isn't possible.
The oil leaks that these trucks get are almost always attributed to something on the top end of the engine, but since you didn't see any oil in the valley, it's anyone's guess where it's coming from.
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Tuning, PCM flashing, and burning chips for 7.3s since 2008. Repairing all aspects of 7.3L Powerstrokes for 25 years.
Eight 7.3L PSDs in the driveway including a 1994 Crown Vic and 1973 F100/2002 F350. Looking for the next victim.
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