Sooo my TF race car just died mid corner, I discovered the steering belt wrapped around the crank pulley, the starter seems to be spinning the crank extremely easily, and the cylinders have no compression at all, yet a cylinder will let out a pop maybe once every 10 seconds.

I'm going to manually crank it with the rocker cover off and see what the valves are doing, but anyone got any thoughts what may have gone wrong? The timing belt seems fine..

The car is very close to being sent to the graveyard.

could be that the CAS as been ripped a new one by the broken belt and or the timing belt has skipped or lost a few teeth

No comp after a belt failure is usually caused by some of the belt ending under the timing belt and timing belt slips thus bent valves, this would also cause the popping as it would be a backfire

Sounds like spot on the problem Mal! I might rip the head off before I turf it out of interest... time to find a cheap ass motor!

Pity you are not in Vic as I could almost give you one lol