Mustang v6 engine smell when I floor it

[02v6auto]

When ever I floor it in my car from first or second gear on and I get up to about 65 - 85 mph and come to a quick stop, I smell something that appears to be coming from the engine/hood. I cannot pin point the smell - it smells almost like burnt motor oil, or transmission fluid- hell it could even be coolant...
ANYONE HAVE ANY IDEAS...

Also when ever I am in tight spaces "driveway-parking lot" and I have to do a lot of forward and reversing I hear a click noise coming from one of my rear wheels. This happends when I press the brake. I am woundering if it might be loose pads-brake calipar- or even maybe a warped rotor...
ANYONE HAVE ANY IDEAS OR SUGGESTIONS TO ETHER ONE OF THESE PROBLEMS. ANYTHING WOULD BE GREATLY APPRECIATED.

 

[Whitestang 01]

Are you sure it's not the cat's? Mine smell like s%!* when driving hard. As for the clicking, check your rear brakes and see if anything's loose it won't take but 10-15 minutes at the most. Hope its not something more serious

 

[Robs96]

Auto trans? Check the fill level and check to see if the fluid is still red. Smell the dipstick for burning. Check the motor and make sure it has oil in it As for the brake problem, sound like a caliper issue. Does it do it every time you touch the brakes?
Can you narrow it down to which wheel? Find out which wheel it is as a starting point.

 

[doc4444]

02v6auto:

Can't tell ya about the smell......but look at your rear calipers and verify that one of your pistons is not locked in the open or closed position.