Serpentine belt failures happen. Not a big deal.
These engines are pretty robust but overheating any engine is never a good thing and the excess heat will often find whatever component is weakest and cause it to fail under the extreme temp condition.
On the good side, M96 engines are not known for blowing head gaskets when they get hot so you're probably ok there.
On the bad side, engine exhaust smoke and an oil leak after overheating the engine is worrisome. If you're lucky, maybe a spark plug tube o-ring leaked or failed due to the excess heat.
First, don't start the engine. Inspect under the car and find the source of the oil leak before you start the engine.
Once the oil leak is understood/repaired, investigate the belt failure. Did something lock up and cause the belt to fail or did it just fail due to wear? Replace the belt and whatever else needs replacing, then re-start the engine to see how it runs and go from there.
Once you get it running, change the oil and filter. The oil is cooked from the overheating.
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1999 996 C2 - sold - bought back - sold for more
1997 Spec Boxster BSR #254
1979 911 SC
POC Licensed DE/TT Instructor
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