Yeah it is the Crankshaft pulley, it took Ryan and myself about 10 mins to get it off.

See once the rubber broke down the pulley move back against the plastic timing belt cover, thus producing the smoke. However unlike Ryan I was already at work so I stoped right a way and only left a little mark where it rubbed so I am only going to have to replace the crankshaft pulley. Thank god.

Check out Ryans Website for picts and Directions on how to do it. I could not belive how easy it really was to get that pulley off.

Later
Chris