Big screech and smoke on start up ?

[S23]

Got in the car as usual this morning and started up and as I pulled away the massive screech happens and then a puff of smoke came from under the bonnet left it 5 mins and all was fine , but I did drive home in a huge rain storm last night could it have been water on something to cause this ?

Is it still ok to drive ?
Thanks
scott

 

[PetrolDave]

Sounds like the auxiliary drive belt slipping against a jammed pulley, maybe the water jammed it and it's freed but worth keeping an eye on the warning lights.