Well, to answer your question. Yes, belt driven components can seize.
If it smells like burning rubber, you've got a locked-up-something-or-other. First off, make sure your engine isn't overheating, then get it running and look a lazy/seized pulley. Shouldn't take long its its bad enough to create smoke.
Alternarors tend to continue to spin and may shed metal bits as the bearing explodes. Not sure about AC components as I have little experience. The water pump is the most important thing down there, so make sure you don't driove it if you determine its pooched.
Dave