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Sounds like a failure to me. That blob is probably melted serpentine belt.
If you start the car, leave the AC switched off, then check that the parts are all turning. Then get it into the shop for a proper diagnosis. If the belt is slipping at the AC clutch, and you have a long distance to your shop, by all means have it towed.
That said, if the serp belt breaks, you will loose PS and alternator, but no harm to the engine. If the belt breaks and manages to dislodge the timing belt in the process, you have a real problem. It is your gamble.
Klaus
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The 164 has a new home, all I am left with are a 95 854T and a 98 V70R :)
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