HELP! Squeeling and grinding 98 CHerokee

Hello all!
My wonderful Saturday of tailgating was ruined this weekend, when on the way home a loud grinding sound began to come from my engine.

I pulled over to take a look and coolant was pouring out from an unknown location.
Symptoms:
Loud squeeling from belt area
Coolant leaking
grinding/banging from middle of engine
belt looked to be very hot/ and or coming loose.

Earlier symptoms -
a week ago power steering fluid was completely empty.
replaced radiator and neutral safety switch about a year ago

I have done some seraching and found several possibilities ranging from a bad belt to a bad compressor.
Checked all the fluids - refilled coolant everythind else is fine.
Any thoughts? I am about to call and get it towed, but want to make sure its not something I can do myself
 

Check the Water pump for a loose and rough bearing. Do this by removing the serpentine belt. It's more likely you just need a new water pump.
 
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