HELP! 94 SC2 with SERIOUS problems

Daughter's 94 SC2 has gone crazy. Has been running very rough for about a week and yesterday, she says "smoke" started coming from beneath the gear selector (it's an automatic), and a beeping started that won't stop. I checked the plugs and all four are swimming in oil. I had to disconnect the battery to stop the beeping. I'm thinking valve cover gasket, maybe PCV for the foul plug problem but I'm not sure. And the beeping? I have no idea. Where do I begin? Thanks.

plug well grommets on the valve cover are leaking. replace the gasket and add a bit of rtv to the gaskets. the car could be burning oil, and there could be an exhaust leak allowing smoke to rise up through the floor in crevases.

now the oil soaked plugs were probably the issue for drivability

there is a black ground wire the connects to the ignition switch for the chime module which is the only underdash wire to burn up that i know of, but the PREST module(for the auto belts) is also under the center console and serves as a input to the chime module.

wiring diagram of the PREST module - http://www.saturnfans.com/photos/showphoto.php/photo/14128/