If a PSU is running extremely hot and smells bad, you have a serious problem.
If the 5 volt output drops from 4.9 to 4.4 volts, you have two serious problems.
First, in modern PC, the 5 volt rail is only lightly loaded, probably no more than 6 to 8 amps and certainly less than 10 amp. So you have a bad voltage regulation problem. Second, the 5 volt output drops well below tolerance (4.75 - 5.25 volts).
Third (OK - three problems plus the bad smell), in a well designed PSU, the built in protection circuits would be electronically shutting down the PSU, because that 4.4 volts undervolt condition would look like an overload.
At 11.4 volts, the 12 volt output is barely in tolerance.
The PSU should not be getting that hot. There simply is not that much load on it. I estimate (worst case):
CPU: 12 v @ 12 amps = 144 watts
Video card: 12 v @ 12 amps = 144 watts
RAM : 3.3 volts @ 6 amps = 20 watts
Motherboard: 5 volts @ 8 amps = 40 watts
The three drives: 5 and 12 volts totaling 60 watts
That's maybe 310 - 320 watts. These estimates are based on measurements I took with a lab calibrated (military lab) clampon dc ammeter on my Gigabyte P35 motherboard, Q6600 OC'd to 3.6 GHz running Prime95 on 3 cores and 3dMark on the fourth core, and a 640 MB 8800GTS.
I would dial back the OC until I figured out was happening.