MikeV6V8

So I just got a 2001 Mustang GT and the A/C is acting up on me. The first day I got it (Tuesday) the a/c seemed to be working fine, it blows warm now and the compressor is acting up, going crazy, without even having the a/c on, The clutch engages and disengages making a strange clicking noise, I also saw smoke coming off of it, I measured it with a temperature gun and it was at 300F.

I know this isn't a good thing... I don't want to drive it because it might damage the engine, Is it the compressor? Did the clutch burn up? or both? Any help is appreciated.