Miata losing power in all gears

My '01 Miata feels like I need to pedal it. I in all gears, I get lots of rev and no power. There is a hot smell. I opened up the hood, checked the oil (as a matter of course) and there was NONE! I put in 2 quarts. My brother in law test drove it and says I need a new master cylender. My husband, the Voice of Doom, says I need a new clutch. Any ideas? A few weeks ago, a belt started to squeal in the cold. Now it is warmer, it stopped. I have to drive it to my mechanic later on today. I may have to get out and push! Will it make it? Who was right?

You have a couple of problems. You need to figure out what low oil thing. How long has it been since you changed the oil (was it done buy a quick oil change place? How long has it been since you checked the oil? Assuming you have manual transmission, I would vote for the clutch. A mechanic should be able to figure that one out quickly.