Sorry for replying so late, Bijo. I had a problem myself.
It seems your Motherboard is broken and/or your old disk.
You seem to have two machines, which is very good in this case. You should try to connect your old disk to the other machine and save your data. Set the Harddisk jumpers to "cable select" and connect it to the other machine by either using a spare IDE slot or taking the cables from the CD-drive and connecting the disk instead. Your old disk should be recognised on the new machine and you can save your data.
The empty disk seems to run okay on the troublesome machine. That you can't boot from it is logical because there's no OS and probably no Boot Sector on it. Being recognised as "slave" is because of the position of the disk on the IDE cable or because you set the jumpers wrong. Try to set it to Cable select or try changing the position on the cable (there're most probably two connectors on each cable).
The smoke and stench is a real problem and you may have fried anything on the Motherboard. There's not much I can do for you without coming to your place and having a look.![]()
R'as
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