I'm thinking it's bad but I'm not sure. For you pros... If one of the belts starts slipping bad enough to cause smoke when I press the A/C button what does that mean? Does it mean an expensive part like a new compressor?

Thanks,
Chris

Yup

It could also mean that the belt is no good or the pulley is bad. My mother's 2000 went through 3 A/C belts in 2 months due to a bad pulley and poor quality aftermarket belts.