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I was driving home the other night and smoke began to billow out from under my hood. This is the source of the smoke...and smell. I don't know what part this is can anyone help me out please? Thank you in advance.
Looks like your compressor has seized up and the belt is slipping and burning. You will need to repair the AC system. A failed compressor is not something you can do yourself, and the AC system has to be properly flushed and cleaned out. Its either fix it, or you will have to disable and bypass the AC system.
You can bypass the compressor by getting a non AC 4.0 belt. IF you are going to fix the AC, you may need to consider converting to R134a if you are still at R12.
If you don't care about the AC, just have the mechanic bypass the compressor by using a shorter belt. Parts and Labor for that should be around $70. If you want the AC fixed it will be probably be quite a bit more. Good luck.