Only time I experience tire smoke is when uh..yeah.

Otherwise..coolant, oil etc won't smell quite like tire smoke/burning rubber. I'm in on the belt. Do you have any squealing or slipping sounds?

i have a squealing/ creeking sound that sounds like something is going to break. but i only hear it when i go slow.. but its strange because i really cant tell if its coming from the front, back or middle of the car.. its the same pitch anywhere i put my head.. very odd...

you can remove the belt and turn each pulley and inspect for problems. If its the idler, you can remove, clean and repack the bearing or just replace it.