there have been a ridiculous amount of compressor failures this year (cars in general).
Anyway, if you can turn on the car and turn on the AC and it starts making some bad noise it could either be the compressor or a loose/worn belt. if it stalls the car then it's definitely a seized compressor. If the car works but you have no AC, then it sounds like it probably blew a fuse from it seizing if you saw smoke as well.
Most likely. You should definitely look at it to see what it's doing. As far as the smoke- that is likely to be the belt, but it's fried already.
You should read the General AC thread and be prepared to replace the orifice tube and O-rings while the system is down. Failure to replace the orifice tube will result in high head pressures, and less cool air. Failure to replace the O-rings could result in a leak in the future. Failure to charge correctly- like adding refrigerant before, or without oil- will result in a shorter compressor life.
Depending on mileage, I'd consider replacing the accumulator as well. Be careful when you reconnect the hose to the compressor. It must fit flat with the compressor before tightening. Sometimes that's hard due to the hoses pulling you one way or the other- but forcing it down with the bolt will probably produce a leak or a damaged hose. You should be able to finger tighten that hose bolt down flat.