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Couple things...
Get it fixed NOW. An electrical fire is bad news.
18V can also kill the CD, motors and bulbs.
And toast the battery. My Optima started 'melting'; you could poke the side and it was very flexible.
BTW, 14.5V or even 15V is no problem for a short while after you start the car as it re-charges the battery.
There are almost no separate VR's left. By now almost all alternators have been replaced on 81 and older cars.
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