Sounds to me like the compressor siezed, and the belt which turns the compressor has tried to keep turning, resulting in friction, burning rubber smell, but no cold.
Be warned, AC repair is expensive. If i'm correct (and there are other possibilities) the compressor may have to be replaced ($$), system evacuated and refrigerant and lubricant recharged. Meantime, use your windows.
Wednesday, February 24th, 2010 AT 2:14 AM