94 Corsica starts getting loud and makes smoke

I recently posted but never received an answer (I fixed some problems on my own :) )

But.

I drove around the Corsica today ('94, V6, 81k mi.). When I pulled up into my driveway, I let the car sit there for a good 20 seconds. The enginge started to get very loud and I smelt smoke through the vents (I think it had a slight petroleum smell to it). After that, I turned the engine off and it stopped.

*I'm also have a progressively rougher and rougher acceleration in the first gear as I keep driving and driving and had the trans. Fluid flushed/changed because it needed to be. This isn't as important though as the smoke though :P

Anyone have any ideas?

Thanks