Try cheap first.....spun prop.
If you have smoke coming from the motor compartment, you may have spun the coupler. The boat will actually limp along for a long time with a spun coupler. But you need to get it fixed pronto. Once it goes....it is gone and you are stuck on the water with no way to fix it. Call for a tow.
I have done this on my mercruiser. I have to pull the motor to fix this on my boat.
Once you get this fixed, make it a habit to check the alignment of the coupler when the rubber seals are replaced on the stern drive.