@Butrflynet,
he is correct on the R-12 situation.
yes you have a leak, and my guess is at the compressor seal.
my guess on the buzz saw noise is that it was your compressor clutch or the bearing. prolly locking up and trying to smoke the belt. (smell)
in reality you need a new compressor with clutch, drier, new o-rings, and a conversion to R-134a.
to convert it and pay the labor betting on your old compressor surviving is silly.
I did this last year on my own vehicle (1990 chevy) to be able to ferry around a friend that had to have a/c, and it cost me almost $500. (i did my own labor and pay less than you for parts)
in reality you would do better to sell your car and buy something made after 96 with good a/c.
not what you wanted to hear, i'm sure, but honest nonetheless...
refrigerant has no odor.