It sounds like it's in limp mode. Exhaust getting that hot is probably due to the misfire (unburned air/fuel mix hits the catalyst and burns there instead). First thing to do is run trouble codes, see what the computer thinks is wrong. If that gives you a cylinder-specific misfire, figure out why that cylinder isn't hitting. If it's not cylinder-specific, could be mixture. Check the rubber tube between the MAF and the throttle body.