1990 A/C Trouble

Hi All. Wife has 1990 Olds Cutlass Supreme Convertible w/3.1 V6. After about a 40 minute drive with the A/C on I was waiting for her to come out of Pet Smart. Had been idling in parking lot for about 4-5 minutes with A/C on. Noticed a small amount of white smoke coming out from under the hood. Immediately shut off engine and popped hood. Smoke was coming from A/C compressor area. The clutch (and compressor) were extremely hot and I noticed a small amount of oil around the outer edge between the clutch and pulley. It was WAY TOO hot to check if the clutch and compressor shaft would turn OK. Water from mouth would immediately steam off. A/C had been cooling fine. Restarted with A/C switch off to make sure the clutch disengaged OK, rolled down windows and drove home. Was too late to do anymore checking when we got home. What do you think? Compressor shot or clutch problem? If it's the compressor, thats means a retro fit and lots of $$$$. Wife loves this car, but no A/C in summertime Virginia is not on option. Any help or ideas would be appreciated.
Rick

OK. Clutch and compressor turn OK by hand, but I'm worried about the oil issue. Is there a seal or something on the front of the compressor that could be leaking? Is it replacable without losing the R-12 charge? I haven't tried the A/C again for fear of ruining anything. I think what may have happened is oil from the compressor leaked out around the clutch causing it to slip and creating the heat, but thats just a guess at this point.