Ok, finally had the time to work on the RX7 after it had been sitting the last 2-3 months. It had been flooded when last left and I got it running today by performing the standard de-flooding procedure. I am going to give it a thorough going over with new NGK plugs, fluids and so forth. Anyway, got it running and it smoked heavily out the tail pipes, I know this is normal after flooding. The smoke I am talking about appears to be coming from the water pump area off the front of the engine. It did not appear to be running hot by the inside gauge but as it warmed up more smoke seemed to come off and I could smell a "burning rubber" type smell. What's the most likely cause. Could it be the belts? Do pumps or alternators smell like that when they go bad on rotaries? Any help would be greatly appreciated? Thanks in advance.

 

If it's truely smoke and not steam, sounds like a frozen/jammed alternator, water pump, power steering pump, etc. and the belt is turning on the frozen pulley. Watch the belts and pulleys as the engine runs and if that is the problem, it should be obvious.