I'd suggest looking to the Mercedes aftermarket. You should be able to increase power output from your stock equipment fairly significantly, maybe not down into the 5's like you want, but certainly much more drivable. Sure, it'll be expensive, but less expensive than slapping a turbo on and blowing your engine to smithereens.

In summary, turboing your ride is possible, but not particularly smart in light of the other options available.

 

Yep!

A supercharger and a turbo are almost identical, and serve the exact same purpose. The supercharger uses an electric motor to compress intake air, while the turbocharger uses energy from outgoing exhaust gas to drive the compressor. The result is pretty much the same, except that superchargers have no "turbo lag" and turbochargers have more high-end potential.

However, if your car is already set up for a supercharger, then converting it to a turbocharger will most likely mean seriously re-routing your exhaust (you will probably have to change engine headers, add an up-pipe, a downpipe and many other modifications) in order to route your exhaust to the "hot" side of the turbo. You would be much better off going with a larger or more powerful supercharger and opening up your exhaust.

 

There are two types of superchargers; some are driven by an electric motor, but more commonly they use a belt drive from the engine itself. Here's a more detailed explanation:

http://auto.howstuffworks.com/question122.htm

You would have to find a supercharger that takes the belt drive from your existing engine and turns that into more compression.

Here are some more general reccommendations:

http://auto.howstuffworks.com/question395.htm

You'd be better off asking on a Benz board than here, if you want more detailed information.