1986 Honda Accord, 5-speed, 2BL.

All of a sudden, I got a squealing sound at the front of the engine. I thought that it was either the alternator or the water pump. So, I replaced both and the belt. I am still getting the same squealing noice. And, now, smoke is coming from the front of the engine. It is not a burning oil scent. When I took the belt off and started the engine, all was fine. I also notice that the pully attached to the water pump is hot to the touch.

When I run the engine with the belt on the water pump and the alternator, I get this high pitch squealing sound. Any ideas?