alternator smoke/stink?

[KobaltBlau]

Smelled a rubbery but electrical smell after leaving the key turned on to operate the windows with the engine not running. smoke appears to be coming out of the fan. This is obviously not noticeable with the engine running but I can still get the smell through the heater. alternator charging light is not on, car runs normally.

This is on an '81 SC, is my alternator fried? if so, do you just buy a rebuilt one or are there parts that can be replaced? or could there be a problem with the (external) voltage regulator causing this to happen?

Thanks in advance, and happy thanksgiving!