Noise and burning smell

Chevy Cavalier, 2002, 47,800 miles - When I turn the wheel, I hear a zipping noise everytime I turn. It also smells like something is slightly burning under the hood once I park and get out of the car. I am wondering if this could be a belt or something like that that is worn and causing it to make the zipping sound and smell like it is burning. Is there a belt that controls turning and could cause these problems?