88 colt timing belt loose and wont start

The other day my car started making a pinging sound. I added it to the list of hundred other sounds it makes....Well soon after i noticed the ping....it just stops running altogether and makes a strange sound when i try to crank it. It seemed like the timing belt (http://www.mitsubishiforum.com/m_146694/tm.htm#) to me so i took the cover off. The timing belt was fine....but its loose. Loose enough that i can pull it off the gear. I don't know much about these kinds of engines so at this point im desperate for advice. Maybe the tensioner. If so where is it? How do you get to it? It ain't pretty under that hood.

Also is this motor a free spinning motor or not?
Its the 2.0 with fwd. Thanks