Obviously the OP did something that most people do when they get a new car...go out and screw around a bit. He's right in the sense that **** happens so mellow out on the flaming a bit.

Now, on a serious note, first thing I'd do is try and de-flood the engine by pulling the EGI fuse in the main fusebox and turning it over for a while. Obviously, replace the fuse and try to start it. If that doesn't work, then get yourself a compression tester and test the comp. There are threads that cover both processes if you search for them. Once you've done both, report back to us with an update and, of course, we can offer more advice as necessary.

I know this doesn't address the smoke coming up from underneath the dash, but it's a start. Regarding that, I'd not only look for melted wiring (which I don't think is the case at all), or you could have also smoked the **** out of your clutch which could theoretically stink up the cab of your car...which I've seen happen before.

 

yeah it could be flooded, do you smell fuel? you should probably do a search on installing a fuel cut off switch..and then of course compression check which will also be explained if you do a search..other then that, try and let the car sit for a while and see if it starts..funkspectrum, good call on the clutch being a good possibility why its smoking inside. OP what does the smoke smell like?

 

Along the lines of the above, pull the spark plugs and see if they're wet with gas. Also, being your friend's previous car, find out as much as you can about the car's history and what was done to it. Maybe it already has a fuel cutoff switch, etc.

 

any updates OP? woo hoo 2k post mark

 

so from this point i have been researching about this car alot. not looking to find out whats wrong with my car. but just to get a better general understanding of the car all around.

i never could tell you what the smoked smelled like i got out of my car as soon as i saw it.

but i have figured out what the problem was....
87 n/a with a turbo2 swap.
boosting at 10psi stock.
extra fan with manule switch.
temp gauge stays normal when fan is on but runs hot with it off.
after about a 20 minute drive with the fan on. i can get out and hear the coolant boiling.
the car back fires alot but from what i have read and heard FCD should help with that?
i work from 4am to 4pm so i havent had time to do a compression check yet. but im thinkin i should anyways cuz it doesnt always start up right away.

the problem was that the wire leading to my gas tank is lodged into my fuse box with a fuse over it holding it in its place and wasnt splist right and ended up
shorting and frying the wire all the way back stoping right behind the driver seat.
so i towed it home from the place it was at and just redid the wire right.

thanks for the help even though a couple of you have some problems.
noobs gotta start somewhere.
im sure you all remember those days.

 

Good job finding the problem. I would take some time to look over the other wiring to see what else is lurking to avoid this kind of problem again.

 

yea but now my altenator went out.
and can some point me in the right direction on finding a good pulley set. typed it in the search bar here and nothing was comin up. so yea.
thanks again.