I had this happen to my 4.6L this summer. The a/c started smelling like smoke...and when I got home that thing was RED HOT!!!!!!
Anyways, simply pull the belt of. Take off the 8mm bolt on the front of the compressor. Slide, take the snap ring off the center hub and the pulley/clutch & bearing assembly will come off as a unit. You can buy a new one at the AP store and slide it back on, reinstall the snap ring and the 8mm bolt, belt, and you're good. Don't even have to drain the a/c!!! That is all that goes bad on them.