Hello first time post

Hello first time post. Serious problem. I have a 1996 mustang that I have had since I started college. Now years down the road she is developing issues. She has 172,386 miles on her. Transmission was rebuilt at 100,000, and yes she is a manual. She is not my daily driver, but during this last winter my truck need repair and the wife was using her car. So I took the mustang out, well I was going to pull out onto the street and hit a small patch of ice the rpms jumped real quick and I heard a loud pop. Next thing I know the car is bogging down with a lot lower throttle response. She had lost all of her pick up and the engine when pressed on the gas sounded very chuggy. I got her home and put her in the garage. Now the weather has warmed up, I did a coolant flush changed the oil and I went to take her out I did start her and let her idle for about fifteen mins during which her idle sounded fine. I made it around the block and that was it. She kept bogging down and even sounded like a little back fire once and also again very chuggy. I got in the garage and shut her down and I could smell hot metal, I looked under the car and the catalytic converters were glowing red.
I am at a loss as far as what could be wrong. I have no check engine lights on at all so I am not sure how to proceed on this. I have a few ideas as to what might be wrong but I am going to wait to see what anyone can help me with first to see if im correct.

Thank you so much for any help that you can provide. I need to get my girl running again!