95 Chrysler Cirrus belt noise/burning plastic
 

Hi guys, was hoping someone could help me narrow down what is wrong with my cirrus.
Over the last week I noticed a small noise like the rad fans trying to come on but sounding very rough. Yesterday I was driving home and noticed smoke coming from the engine bay at an intersection about a kilometer from home. When I pulled in the drive it smelled of burnt plastic and the noise was louder and rougher. Almost sounds like the engine is running under water. Though it does surge and quiet down suggesting a belt.
Looking in the engine bay it seems the sound is coming from the serpentine belt but I am unsure where the burnt plastic is coming from. The smell does start quite immediately when you start the car.

My questions, as I am new to Chryslers (had three Ford Contours previously) is do the timing belts start to run rough before they fail? Do they cause plastic to melt? Or is this something in the serpentine belt? I was unable to get it to the garage today as before a tow truck could be available to pick it up. I do not want to drive it till I have a better idea what is wrong or to prevent a timing belt failure as that would damage the engine.

I know hard to diagnose with description given but I was hoping someone would have had a similar experience and might be able to break me some good news. I am up crap creek if it is something serious. :(

Maybe your water pump is seizing up and causing your timing belt to burn.