Weird engine noise and smell

We just drove up to my wife's mothers house to see her for New Year's, about a 50 mile trip. As we were at the top of her street, the car made a sound like we were dagging something. I got out and looked, nothing. I popped the hood and it sounds like something is spinning with out lubrication and there is a faint smell of burnt electronics or oil (I can't quite figure out what I am smelling) in the back of the engine by the fire wall on the passegers side. I can't tell if the sound is coming fromt he back of the engine or from the pullies on the engine. I can't see anything melted or burning. Is this what a blown turbo unit smells like? I checked and the oil, trans and coolant fluid levels are normal.

I was somewhat afraid to drive home with the car making this noise with a newborn and a 2 year old. It will not be fun if we get stranded on the turnpike! I am going to call the dealer but in the meantime I want to know what I could possibly be facing.

We have a 2007 CX-7 with 56k miles. We always bring the car back to the dealer for all oil changes and schedules maintainence.
 
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