Ok my 97 SE has done this a few times. It makes a noise and air conditioner compressor has metal flakes under it and on the pulley. I clean it off and spray lube on it and the noise goes away. What the hell is wrong with it?

anyone have ideas on what this is?

Blown clutch seems obvious. From your description anyway.

www.rockauto.com use the discount code listed in General Chat.

I had the same issue - flakes and noise. Turns out that the clutch had moved down the shaft just slightly but enough to rub the pulley when the compressor was not running. Checked the bearings - fine. Backed off the clutch along the shaft - slightly - and no noise. Fixed!