Hissing is probably as said a damaged or not plugged in vacuum line. Check to make sure there are no holes in them and that they are connected securely. Also check the thermostat housing, make sure the cap is on tight or if it's sealing properly.
The silver UFO thing is I'm guessing the EGR. Why there would be white smoke coming from it is beyond me. Check your coolant lines to the throttle body and any coolant lines on the driver side.
[This message has been edited by Street&Strip Performance (edited 11-10-2003).]