1995 Chevy Caprice At a loss.....

This car was " garaged" most of the time,
with the occasional trip to the market once a month, before being given to us as a gift by my mother in law, because she became too old to drive. She serviced it regularly.
For the last couple of weeks, the engine is " missing", especially in accelaration, and there is a
squeal/ thumping noise coming from the front of the engine. My husband and I thought it sounded like
something hitting / or in the way of the fan belt, but found nothing on inspection.
The noise seems to lessen once the engine is warmed up.
Last night we went to start the car, and heard a terrible metal screeching noise, then heavy smoke
coming out from under the hood.
We shut down the car immediately, and opened
the hood to investigate. Everything seemed very hot, and we were unable to locate where the smoke was coming from....
We also noticed A/C not working as cold,
Found no leaking fluids under car ...
The car is not driveable,

I think it's the alternator and bearings that froze up.
My husband says its the A/C compressor...


Please settle an arguement.

What is your opinion ?


Thanks,

Christina Clime