It sounds like the compressor siezed and the belt was burned through or was ultimate thrown off. If that's the case then you're going to need a new compressor and dryer for sure. If I remember correctly a reman. A/C compressor itself, for the 240SX, was about $200-250 from a parts store and a dryer will typically be around $50 or so. That's just for parts though. A shop will typically charge you more for the part (up to double the price you can buy it for). Or find a shop that will allow you to buy the parts yourself and install them for you. But I would expect something around the amount quoted above.
You're probably better off changing over to R134a from your current R12 system. They will have to flush your old system anyways. The old R12 is really expensive; roughly $40-50 per 12 fl-oz. can. But it can only be sold to a licensed technician so expect to pay more for it from a shop (they usually buy $1400 cylinders of it anyways). You will usually need 3-4 cans worth of it to refill the system plus compressor oil.
That said, R134a is about $6-7 per can and a retro fit kit is approx. $12-15 (this includes new fittings for your A/C lines, etc...). Obviously it's going to be cheaper to switch. But, as mentioned above, it's general is not quite as cold as the R12 systems were. You can see this starts to really add up; especially using R12. A/C work is SUCH a rip off!
