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I had a look at the components surrounding the serpentine belt today and I saw a slightly rusty component that is in contact with the belt. I did not spot any oil around the serpentine belt. This is the same component that the mechanic sprayed lubricant on and made the sound go away for awhile.
From all the replies, I guess I have to change the brakes and rotors. I still have no idea whether to change the tensioner and serpentine belt or to just leave it as they are. As for the oil leak, I guess I can live with it since the mechanic said that the leak isn't bad.
I am pretty much broke and can only afford to change what is neccessary.
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