I just saw this vid on youtube with the 360 going up in smoke , it looked to me like the engine Image Unavailable, Please Login
It could have been an overflowing hyudraulic fluid from the F1 switch-gear power unit. Another frequent problem on the pre-2004 Modenas was a faulty hydraulic coupling of the power-steering line, which is also known to shower the cats and muffler with hydraulic fluid that produces a white smoke (happened to my car just recently).
The title of the vid says twin turbo blowing so I assume this car might have been pimped. I wonder if it was actually the turbos destructing if so