CPR GULFSTREAM GIV DSNDED BELOW THE PUBLISHED ALT DURING A LOC DME BACK COURSE APCH; RESULTING IN A MISSED APCH WHEN IT CAUSED A GPWS WARNING AND AN MSAW ALERT. CREW IMMEDIATELY MADE A MISSED APCH AND THEN SUBSEQUENTLY HELD IN THE WRONG LOCATION WHICH CAUSED THEIR ALT TO BE BELOW THE MSA.

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FLT FROM PHX TO RNO BEING VECTORED BY RENO APCH FOR THE LOC DME BACK COURSE APCH TO RWY 34L RNO. APCH CTL PUT US TOO HIGH ON THE APCH AT THE 16.3 DME FIX AND OFFERED TO VECTOR US OFF THE APCH AND BRING US BACK FOR ANOTHER APCH. THE WX WAS RPTED AT 1900 FT AND 6 MI VISIBILITY SO WE ELECTED TO CONTINUE THE APCH AND HURRY DOWN TO THE PROPER ALT FOR THE APCH (UNKNOWN TO US THE WX HAD DETERIORATED AT THE ARPT TO OBSCURED AND 1/2 MI VISIBILITY IN SNOW SHOWER MOVING ACROSS THE ARPT). DURING THE APCH; WE BROKE OUT VISUAL AND DUE TO SOME CONFUSION BTWN THE CREW WE DSNDED TO MINIMUM ALT EARLY AND DUE TO THE HIGHER THAN NORMAL RATE OF DSCNT AND THE EARLY DSCNT TO MINIMUM ALT WE GOT THE TOO LOW TERRAIN EGPWS SYS ALERT AND SIMULTANEOUSLY THE CTL TWR CALLED TO ADVISE THEY WERE GETTING A TERRAIN WARNING THAT WE WERE TOO LOW (WE WERE AT MINIMUM ALT OF 5060 FT AND SHOULD HAVE BEEN AT 6000 FT). WE EXECUTED THE PUBLISHED MISSED APCH PROC (ARPT/RWY WAS NOT IN SIGHT). VECTORED BACK TO THE LOC BACK COURSE AND INSTRUCTED TO HOLD AT WAGGE INTXN ON LOC COURSE L TURNS. DUE TO CONFUSION WE HELD S OF WAGGE INTXN INSTEAD OF N OF WAGGE AT ASSIGNED ALT OF 10000 FT. APCH CTL CALLED; ASKED IF WE WERE MAKING L TURNS IN THE HOLD AND WE CONFIRMED WE WERE. APCH CALLED AGAIN AND INSTRUCTED US TO CLB TO 11000 FT DUE TO HIGH TERRAIN IN OUR AREA AND WE COMPLIED. APCH CTL TURNED US L TO 320 DEG HDG FOR ANOTHER LOC DME BACK COURSE APCH (WX HAD IMPROVED TO 2 MI VISIBILITY). WE INTERCEPTED THE LOC BACK COURSE AND SHOT THE LOC DME BACK COURSE APCH TO RWY 34L AND LANDED WITH NO FURTHER PROB. THE 2 MAIN LESSONS LEARNED FROM THIS OCCURRENCE ARE: BREAKDOWN IN CRM BTWN THE CREW. BAD DECISION TO CONTINUE THE APCH FROM TOO HIGH AN INITIAL ALT.