i think you guess are refuring to a wastegate, he's talking about a blow off valve, two totally different things...but for some reason people always get the two totaly mixed up.
wastegate controls boost on a conventional turbo on the exhaust side by limiting the amount of exhaust gas that gos into the turbine.
a blow off valve is a valve that is usually mounted on the your intercooler piping between the cold side of the turbo to the intake or throttle body. the blow off valve avtivates and opens when the throttle plate closes(gasser) wich vents the compressed air to atmosphere keeping the turbo spooled as much as possible and keeping the turbo from farting and puting too much stress on the shaft. diesels usually dont use them cause they have no throttle plate and there for have no way to activate the BOV. a bov needs a vacuum line that sees both pressure(boost) and vacuum. the pressure keeps the bov closed under boost and then vacuum to release the bov.
now i did read somewere in hear that some guy in a duramax rigged one up of his, useing some kinda selinoid hooked up to a vacuum line to create vacuum when he let off the throttle, he did electronicly somehow, i dont remember. but hope this helps! i know that i would like to do this, just so our turbos wouldnt fart so much when you let off the gogo pedal so fast...plus it would be pretty sweet in my book!