So here is a couple of things that happened to my brothers 96 Jeep Grand Cherokee Larado 5.2L V8 when driving.

1st. As he was at a stop light the engine turned off while the radio and the lights stayed on.

2nd. As he was making a turn he lost power steering. Which 100% positive it was the serpentine belt.

and

3rd. As he was pulling up towards the house. He noticed smoke, then heard a pop. It had a bubbling noise while leaking yellowish fluid all over the cement from the passenger side.

Any Idea what might have caused this?

I Almost forgot to mention when I flipped the jeep to on. I noticed that the engine oil pressure was at zero.


Thank You Very much in advanced

 

THe yellowis fluid was probably the ac compressor exploding, could also explain the shutting off and hard steaering. As for oil pressure, Cant answer that one.

 

Welcome to CF. JMO but I believe it's all related to the serpentine belt failing.
The steering became hard because you have no power steering when you lose the belt.
The belt also drives the water pump, and with no water pump circulating coolant through the system, it overheats rapidly. This could cause a hose to fail, or "pop" spraying yellow/green anti freeze onto the hot engine. This would cause the smoke, and puddle you noticed.
You can rent a cooling system pressure tester at most auto parts stores. It can be installed on a cold radiator in place of the cap, and pumped up to the systems operating pressure, (say 15 psi), and any external leaks will be apparent.
When you turned the key to "on" it showed zero oil pressure because you didn't start the engine. JMO

 

It turned out that the water pump went as you said. Installed the new water pump it works like a charm. Also thanks for the welcome. Its gladly appreciated.

 

Glad to hear it wasn't a serious problem, and you're welcome.