[Mrmerlin]

dont start the car until you have pulled off the PS timing cover and inspected the belt , if the smooth side looks shiny then the water pump has probably seized and could also be grinding away at the block.
If there are lots of shredded hairs then the tensioner pivot bolt is bent or the bushings are worn( this makes the tensioer roller tilt the belt forward and it then runs into the back of the harmonic damper.

Warning dont start the car till this has been figured out..
Dis connect the battery first