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Sounds like the a/c compressor is locked up and is grabbing the belt and stopping it. Which will in turn stop your crank (kill ur engine) and put off a loud screech noise which is your belt slipping.
you could temporarily fix it for $7 if you get a belt that just runs the power steering. a new a/c compressor won't be cheap. especially if you're having it installed. the refrigerant lines will also need to be vaccumed and filled again.