Horrible sound coming from belt area.

What is your question?

Yesterday is the first day I heard this sound, it's a horribly loud vibrating sound coming from the belt area. Today after driving the vehicle for a 15 minute errand I start to hear the sound again. I pop the hood to figure out what exactly near the belt the sound is coming from. I figured out what it was, because after I started the vehicle I started seeing sparks flying out from around the part, I told the person to shut the car off immediately and the part was smoking too. The cylinder was also blue tinted in color where the rest looked more silver. (I think it was piping frickin hot.) When looking under the hood from the front of the vehicle starting from the farthest away from you there is the power steering (clearly marked), then comes another cylinder slightly below the first one and looks like it's mounted right below the engine. What is this? How hard is it to fix? How much does the part cost? Can I risk limping it to a repair show or will that destroy my engine? Any advice would be greatful.