I recently moved from California to Colorado had my 94 gt towed on a trailer. I started it once to back it off the trailer. I started it the next day (After it snowed) and it started like crap, Then it KEPT TRYING TO START after it was already started!!! I smelled a lil bit of burn or rubbing and the noise was so loud i just SHUT IT OFF. However it was still trying to start after i turned back the key (off). So i diconnected the battery then i stopped to a halt......and now it just WONT START! (i've never had problems with it in Ca.lol)
its your starter solenoid sticking, the burning smell is the wire getting SUPER hot! change the starter, cable and solenoid......... cold weather usually causes old starters to go bad!!
The weird noise you heard while the engine was running was the starter. it was still engaged while the engine was running. Kurt