Burning Electronic Smell

I asked this on /g/ and was thoroughly torn to shreds as a result.

I've got this Western Digital My Book Studio II 2TB external hard drive and I think this smell of burning electronics is coming from it. My question is can a failing hard drive smell like this or is it something else like the power supply of my external? If it is the hard drive how much time do you think I have to back up my precious files?

Thanks in advance.

My PSU does the same thing. They usually ship crappy ones in the premade builds.

It sounds like it's probably the PSU as anon said

It depends. Can you take it apart? There may be a few loose cables/wires. Reapply thermal paste if you can