Hey Gents, Thanks for the responses. Im not 100% sure its the Cats but then again neither was the Indy. He based his diagnosis off of the codes which all point to a Cat deficiency. When I ran the codes myself I got P0313, P2098, P1093, and P0430. I also have noticed that almost instantaneously after ignition the rear exhausts are pushing hot air. I have also witnessed a slightly rough idle on cold starts (typical?). I do not know of how to properly diagnose a faulty Catalytic Converter however I would LOVE to know how (Anyone?).
I called Bavauto, a sales guy there gave me the recommendation to have a smoke test for vacuum leaks done before going ahead and purchasing anything. If there are no signs of leaks he recommends purchasing the Pre O2 sensors first, and then check to see if the codes come back. If the codes come back, move forward with swapping the Cats. He claims that the problem is most likely a vacuum leak, housing, gaskets, or CCV. I will report back with the findings this weekend.
epdarks - I love what you've done to your X. Any chance you wanna trade? (

). Where did you get the rims from? Did you have the suspension tweaked to accommodate them?
Ricky Bobby - is that a pit I see?