Chevrolet Cavalier Rattles, Squeaks, and Noises

My car is making a loud noise sounds like a loud muffler or something and it is smoking from underneath the left hand side underneath the drivers door, does anybody know what this could be. Is it the exhaust or muffler and is this expensive and fixable, also could this be a carbon leak because it kind of smells like that..if anyone has any ideas please get back to me..
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I love the car..30+MPG. It has 160K on it, doesn't burn or leak oil at all. I installed synthetic oils in crank and in gear box too. New headliner and did a Maaco body and paint job...looks real nice now. Cruises 80mph no problem.
I've just recently discover a rattling noise coming from the serpentine belt area. I don't think it's the alternator. It makes the noise in P and in Drive. If it is one of the wheels in the serpentine, how much am I looking to pay to have it fix/replaced?
On a scale of 1-10 (1 being easiest) how hard would it be to do myself. I do have the shop manual.
Thanks!
Matt :P