Turbo wastegate?
 

You guys will pry think I'm stupid, but what exactly does a wastegate do on a turbo? I took my 98 dodge to a mechanic cause it wasn't producing much power and he got me a new banks wastegate on it. I know banks power is a good performance product so how much more power do you guys think it'll give me?
Thanks

it alows you to regulate your boost pressure

No stupid questions here!:c:

let me extend it a bit.
A wastegate also limits boost pressure and prevents damage to the engine due to too high boost pressures.
Some wastegates open to early and delay boost response. That means you apply a bit of boost and those lame or worn out wastegates start to open and let the boost pass.
We don't won't that!
The wastegate should be closed as long as maximum boost is reached!
Thats what the Banks unit should do.

The exchange of the wastegate or its control is a common way to achieve better turbo response.
There are many ways to avoid this early bypass malfunction.
Stiffer springs as an example. Boost controller allow you to set this wastegate opening.
The best method to control boost is via an electronic valve.
That means: if your boost controller ist set to 14.7psi, the wastegate will open at that pressure. Not one psi earlier.
In return you experience (with the right setup) a harder boost due to no early losses.

I just purchased the AFE wastegate for my 06 cummins, now it really wont boost at all and runs hot.
1st day of running it after install threw up p0299 error code low boost

any suggestions on how to fix this?