Sounds like he has a cold. You should keep nursing him on demand (2-3 hours is very normal for a newborn - heck, Paige nursed every 20 minutes! lol)
When small babies get a bit of mucus, it sounds very loud and congested because their passageways are so narrow. But the thick spit-up, frequent demand for feedings and watery diapers are all normal for a breastfed baby.
If he won't wake for feedings, is "floppy" or extra lathargic (more than newborn sleepy) or you become worried and want to reassurance, then by all means call the Dr. or go into urgent care. (JMHO, but avoid ER's at all costs with a newborn unless it's a life or death situation)