So I was driving home and I stepped on the gas and something felt very wrong. Initially I thought I had lost first gear since there was NO power, and I barely sqeaked the tires full throttle. I looked at my boost, and it read 0 PSI.

I got home, and put the supercharger belt back on (it came off, and it wasn't mangled...it was just there off the pullies).

Is this something that can happen? It has been very wet outside and I'm sure the belt could easily have been soaked with water. Just making sure I don't have a mechanical issue I should be checking into.

since the SC belt is off.....go one by one and spin the pullies by hand. Make sure that they are not binded up and they spin freely. Also just look at the pullies and make sure they look good

This is quite simply caused by a pulley. You have to find it. You could get unlucky next time, and have the pulley destroy your crank sensor, harmonic balancer, and some wires. It'* happened before.

Pay particular attention to the pulley on the tensioner assembly and the idler under the ICM/coils.

(and the guy above him)

If all the pullies feel good and all seems well, look closely at the tensioner. it has marks that are the acceptable range.

BW..where'* that pic you always toss out for the tensioner?