Hi,
Got your email and read your posts. Firstly the "Horrible looking thing"

is likely to be the *burned out* transformer. They are quite easy to spot, just look for the biggest heaviest thing inside the unit!. It has probably already partly burned out, more than likely by the previous owner
In my experiances with repairs - Usually when fuses blow continuously the first thing a D.J does is to either wrap foil around the fuse

or replace it with something higher!!. NEVER be tempted to do this - if a fuse blows it is for a reason and usually indicates a short circuit or a major fault and bypassing it can be a fire hazard!.
I think that the previous owner has replaced the fuse with a higher rating (or foil) and the transformer has been forced to run into an overload which creates heat and starts to smoke

. The acrid smell that comes off is due to the burning of the wax paper and enamel that is used inside the transformer - eventually all of the insulation will burn away and the copper windings will fuse together and you are likely to blow the plug fuse or trip out the entire mains!.
We have quite a fair policy on mail order repairs. You would need to get the faulty item to us (usually carrier or parcel force) and we would diagnose the problem, and offer a quotation for repair FREE OF CHARGE. Only if you decide to go ahead with the repair would any fee be charged

.
Of course the return carriage (usually £8 for 48 hr delivery) to get the item back to you would be chargeable in addition to the repair fee, obviously this would also be charged if you wanted the item sending back without being repaired.