FLC OF AN ACR SAAB 340; (SF34L); WENT AROUND AFTER ENCOUNTERING WINDSHEAR ON FINAL WHICH PRODUCED A SEVERE XWIND. THEY WERE DIRECTED TO ANOTHER RWY WHICH HAD A 90 DEG XWIND BUT NOT AS SEVERE. DURING TURNING TO FINAL FOR ANOTHER RWY AFTER GAR; THE ACFT STEEP BANK CAUSED DSCNT AND TERRAIN WARNING FROM THE GPWS.

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AFTER BEING CLRED FOR THE APCH FOR RWY 30L; ATC ADVISED A TSTM CELL WAS ON THE FIELD AND HAD RECEIVED A LLWS AND MICROBURST ALERT. AT THIS POINT WE WERE IN VISUAL CONDITIONS; UNDER THE SCATTERED-BROKEN LAYER AND COULD SEE THE LEADING EDGE OF THE CELL AND ITS RAIN SHAFT. I STATED TO THE CAPT 'THIS IS A TEXTBOOK MICROBURST SCENARIO.' HE (PF) CONTINUED THE APCH. AN ACR Y ACFT TOLD TWR THEY WERE '50/50' WHETHER THEY WOULD CONTINUE THE APCH AND THEY WOULD ADVISE. I QUERIED ATC THE LOCATION OF THAT ACR Y ACFT. ATC SAID IT WAS 3 MI BEHIND OUR ACFT. I SAID TO THE CAPT 'MAYBE WE SHOULD GAR.' PF; 'NO; LET'S KEEP GOING' APCH CONTINUED. ATC ADVISED MICROBURST ALERT AND WINDSHEAR RPTED BY ACFT ON THE GND. PF 'WHEN WAS THAT.' PNF; QUERY ATC '...WHEN...' ATC; '...CURRENT...' PF; '...I'M NO SURE...' PNF 'WELL; LET'S GAR.' PF; NO COMMENT; APCH CONTINUED. WE CONFIGURED THE ACFT FOR LNDG. PF; '...I'M GOING TO KEEP IT FAST...' REFERRING TO AIRSPD. AT APPROX 500 FT AGL HVY RAIN AS WE ENTERED THE LEADING EDGE OF THE CELL. PNF; CALLING AIRSPD AND NORMAL APCH CALLS. NOTICED NO LARGE FLUX IN SPD BUT DID NOTICE VERY STRONG XWIND FROM APPROX 040-070 DEGS AND EXCESSIVE CRAB ANGLE TO THE R OF ABOUT 45 DEGS AT 250-200 FT AGL. IAS WAS RELATIVELY STEADY AT 130 KTS; REQUIRED CRAB WAS INCREASING AND ACFT WAS DRIFTING L OF CTRLINE. PF AND PNF; 'GAR!' PF; 'SET MAX PWR FLAPS 7 DEGS.' PNF; COMPLIED 'PWR SET...POSITIVE RATE' PF; CALL ATC 'GOING AROUND...GEAR UP FLAPS UP AFTER TKOF CHKLIST.' ATC; 'TURN TO THE S...WOULD YOU LIKE A VISUAL TO RWY 4.' PNF; CONFIRM WITH PF; 'YES; VISUAL TO RWY 4.' DURING RETURN TO LNDG ON RWY 4 AT 2500 FT R TURN BANK EXCEEDED 45 DEGS. PNF; 'WATCH YOUR BANK.' PF; CORRECTED BUT DSNDED AND RECEIVED A 'TERRAIN' AND 'WHOOP WHOOP PULL UP' WARNING. PF; RECOVERED BY CLBING. WE DID A NORMAL VISUAL APCH; PROCS AND LNDG ON RWY 4 WITH A STRONG XWIND FROM APPROX 90 DEGS. BEFORE THE FIRST FLT THE CAPT MENTIONED HE HAD ONLY 3 HRS SLEEP.