You badly need a service manual, you might be able to get one at the
Thermal Arc home page.
Since it blew the input power breaker and let off a bit of smoke we'll take as given that something in there shorted. Inverter welders like this have a rectifier section, then an inverter section, then another rectifier section before the torch. I'd bet a little money that what went pop was one or more of the SCRs in the rectifier section. You really need the manual to do anything useful to this machine, pay particular attention to the repair sections where they talk about cold checks before powering the machine on again, it'll save you hours of replacing parts.
Please rate my answer,
Carl
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