I have a 2005 sebring sedan with 2.4 liter engine. My wifes car so bear with me. She called me from the side of the road this morning claiming the engine blew up. She also said she lost power in the engine and just before she shut off the car the oil light came on. I checked the oil and coolant, both are ok. I noticed a smell of burnt food and when I stepped on the gas there was a loud hissing sound coming from the engine compartment. I found major leaks and I need help.

 

Probably just a blown radiator hose, but you need to open the hood and take a look under there. A blown hose will leave things all wet and you'll probably see a hole in a hose where the water came out.

Have you been following the manufacturer's mainrenance schedule?

 

seems it not a hose because of this statement in the OP's " I checked the oil and coolant, both are ok" Sounds like the motor is junk based on the statements of what happened. But then HTF can anyone expect to get their car fixed on the internet when we cannot see, hear, smell, feel all the symptoms????