I was driving to work today and my radio cut out. Then I noticed the volt gauge was pinned and the check engine light came on. It would drop for a second then go right back up again. I think I smelled something burning too. I thought the car was going to explode! Any ideas?

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90 Black Formula
5.0 TPI 5spd lotsamods

 

thats whats happening to me so dont feel bad. Im currently replacing my ignition coil,cap,ignition module, and rotor. If this doesnt work then Im SOL. If you find out what it is please tell me. thanx