Squealing Noise when A/C is turned on

I have a 2001 Honda CRV EX. Right now the weather here is 115 with the heat index. While I was on the highway I turned my A/C on, and a couple of minutes later my car jerked and I started hearing a squealing noise. My A/C stopped pushing out cold air, and I started to smell kind of a burning rubber smell. I turned my A/C off, and the noise stopped and the smell went away. I got home, and pulled in the driveway. I turned the A/C back on, and the squealing started right up along with that smell. I noticed also the rpms on my car got super low and started bouncing around. I looked at my belts, and so far I haven't seen a broken belt. I don't know if I have a bad belt, or if it's the compressor, or possibly the IACV? I'm at a total loss. Any help would be greatly appreciated.