kaz442 has a good point. The smog pump may be dragging when it gets hot. Do all the pulleys have melted belt residue? I would bet red schotchbright and asatone will remove the residue. Look at all the suggested answers. One more thing make shure the belt is tight if it can slip under load you will have problems. You can find instructions on how to and how tight.
Now I am assuming this is a single belt drive not a serpentine belt to the alternator and smog pump. I would clean all the old residue off the pulleys. Make them shine. Now when you tighten the belt make shure it is tight enough that you can turn over the engine by turning the nut on the alternator. Make shure you have the right belt and it fits down in the pulleys.
Make shure the bolts that hold the alternator after you tighten it are in good shape and don't come loose. I am still suspisch of the smog pump. Do you have a laser thermometer? Check the temperature of the smog pump after you have run for a little while or if the belt fails again. There is a reason they went to a two belt pulley system later.
Bill