Okay, having some problems with my car again, but this time it's worse. I noticed less then a week ago my car starting making a high pitched squealing noise when I started it up, but it would stop once I got moving. This lasted for a few days, after a few days I noticed that the squealing would continue as I was driving down the road, but my car still seemed drivable so I wasn't too worried about it. My sister came into town on Friday night from Bakersfield, and her and I both noticed that the squealing sound seemed to be louder, and was a continuous noise from the time the car started, till I turned it off. I was gonna call around tomorrow to try and see if I could get thoughts as to what the problem might be, (since it seemed to be getting worse, and fast) but the problem caught up with me sooner then I anticipated. Today my sister left town, and she had to catch the bus which was only 10 min. away from my house. Right as we were about a block away from the area, my car died. I'm still not sure what caused this. I was able to get around the corner, wound up having to park in a red zone for about 2 hrs, (no cops ever came around). After I turned the corner, I noticed a large amount of grey smoke coming from under the hood, (was a pretty scarry sight). I turned off the car and let it cool down, meanwhile I was calling everyone I knew to see if I could get help. I still needed to get her to the bus, so I tried to start the car again at least 5 times with the gear in neutral. The car acted as if it didn't want to start, with the petal floored, it slowly cranked over,it would finally start, but the noise was very loud. I could get the car going in reverse, but trying to pull out into traffic turned out to not be an option at all, (the car would immediately die). I opened the hood at one point to see what was happening, and I noticed that when the car was on, one of the belts was turning on a small circular part it was around, with I think one bolt in the middle of it, but the grey smoke was coming from that area, (I immediately turned the car off, and haven't turned it on again since then, too afraid too). I dont have a Hanes Manual with me, or any metric sized tools, so its a bit hard to discribe everything in detail. I am not fully sure what to do or think at this point. As much as I dont like to admit it, I am not a mechanical person, so I dont know if this could be the cause of something else failing, or what the reason could be. I'm not sure what is going wrong with my car, how in-depth all this could get,or how costly. I'm not sure what to think at this point, so any thoughts or comments are greatly appreciated. Thanks to everyone in advance.

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85 300D Turbo Diesel, Sedan. Federal Emissions. 283K.