diagnose my problem *short vid inside*

im having horrible belt slip problems. everyone kept trying to tell me it was my ps pump going out. i bought some belt dressing today and put it all over my brand new belt. i put the belt on the car and started it. for a few seconds it was quiet as normal. my g/f reved it a few times it was fine. let it idle a few more seconds and began to rev again and the squeeling came back. because the lighting was good, i could see smoke pouring off the belt at the alt. and no where else. i got a huge blister on my finger when i accidently touched the alt pulley its so damn hot.
www.koolpages.com/potatohell/beltsmoke.mpg (right click, save as)

here is a vid that shows my problem. its short. you can clearly see the smoke and hear the god awfull sound it makes. also notice that the belt between the alt and the water pump is bouncing around a lot. the belt is tight everywhere else but there.

what is my problem? will a different alt. pulley help? the pulley thats on there came with the alt. its a 3g 150amp from alterstart
 
the pulley spins very easily with no problems. at idle i get 14-14.5v so the alt is spinning and charging. you think a larger underdrive would give more surface area or should i just try to get a junk yard pulley? the one on that seems extra smooth compared to all the stop pulleys
86bluecobra, i dont think its a bearing because the alt has less then 10 miles on it since it came back from the manufacturer about the regulator and it made the sound before it went in. ive had the alt voltage tested at 2 different places and on their machines, the alt made no noise. also, when belt dressing was applied, the squeeling went away temporarily so if it was a bearing, belt dressing wouldnt have helped, which it did

i just got my edge racing converter in the mail and im dying to have it put in but i have to fix this first
 
belt dressing is used to soften the rubber of the belt. we use it industrially at work all the time. belt driven pumps powered by 600hp electric motors. when belts are getting to the point where we have to use belt dressing it is because they are worn out. if it is a new belt you have perhaps it wasn't adjusted correctly when installed and now even after a short life it is worn out.
 
Kind of looks like a pulley to pulley alignment issue. Inspect the inside edges of the alt pulley and the outside edges of the belt to see if there is abnormal wear. The friction of the belt on pulley could be what is causing the heated pulley. Just a thought.
 
the pulleys are ligned up perfect. that was my first thought so i went out of my way to make sure they couldnt be any more aligned. the belt is showing now signs of wear.
i put on an older belt i had laying around and the first start up the sound was gone. shut it off and waited a couple seconds. started it again and the sound was back but not as bad. shut it off and waited a few seconds. basically i did that about 3 times and each time i started it, the sound got worse till it was just as bad as the sound with the new belt. monday im hoping to get another tensioner from the junkyard and possibly a new alt pulley that i can scuff up a bit and see if either help at all
 
UPDATE

i had my g/f start the car and when she reved it, the belt squeeled like normal. i put a 18mm wrench on the bolt that holds the tensioner pulley on and applied a little pressure (i.e. tightening the belt) and had her rev it. the sound was gone completely. i let the pressure off and had her rev again and the belt squeeled terrible. i put the pressure back on with the wrench again and she reved it....no sound at all. so now if i can just find a midget with a wrench to sit under my hood it be good to go. relistically tho i think i need a new tensioner. i went out to my sister's fox (unfortunately its a 4 banger) and checked her tensioner just to see how much pressure it applies. the tensioner on the 4 banger was a lot harder to pull up (i.e. take tension off the belt) then it is on my car.
my question is, should the 5.0 tensioner be as tight as the tenstioner on a 2.3? if so, i need a new tensioner for sure
 
I couldnt open your vedio but i had the same problem and it ended up being the tensioner. Im not sure what your setup is. I went thru a lot of crap to figure mine out. let me know what your setup is and ill tell you if it was the same as mine.
 
Maybe your belt tensioner is getting weak and not keeping enough tension on the belt when under load.
 
In my situation the belt wasnt riding against the tensioner at the right angle. Which in turn the belt wasnt riding against the tensioner the way it should have. i was also only running the basics for acc.
 
onefstsnake, you called it. i plan to get a new tensioner at pick a part on monday or tuesday. if that doesnt work, im just going down to metal depot and finding some scrap metal and welding up my own damn tensioner that doesnt rely on a damn spring. it will be like the threaded rod kits you can buy but it will be cheap cause ill make it myself