Squeeky belt, dash lights, burning smell

[DavieGravy]

I've got a bit of a problem. Last night (coming home) I turned down the radio and heard a loud hissing sound. I pulled over, got out and smelt burning rubber. After pondering the situation, decided to drive off and try and make it back home. I made it, but a belt was intermittently squeaking on and off the entire way back. The problem got worse and worse on my trip home. While I was stopped at a traffic light close to my place, I noticed all the dash lights started flickering on and off rapidly. While pulling into my parking lot upon arriving, the power steering wasn't functioning properly as it was very hard to turn the wheel. A couple of mornings ago, I heard a belt lightly squeaking, but didn't think much of it. But now, I'm thinking the serpentine belt may need tightening up. How would I go about doing this? Also, could it be something else like a bad water pump? The engine was running at normal operating temperature the entire time. I'm going to try and tackle this tomorrow in the daylight. The weather here had been very cold lately, so perhaps that's got somethign to do with it. Any help would be appreciated as I rely heavily on my car. Thanks..