I haven't had the car very long. It has alot of miles on it. The car drove and acted fine for about 2k miles after i bought it. One day on the highway it stopped running just like the ingnition was turned off. The starter turned the engine over very easy after that. I suspected a broke timing belt. The belt was broken. I followed the installation instructions to the tee, but all I get is the same really easy turn over.

Is there something I'm missing here or does this soung like valve or piston ring damage?

If your TB went out on the highway, it's almost certain that you annihilated the valves.