My computer is hot stuff

My Dell Inspiron E1505 is overheating - blistering hot near the left-side speaker (directly under my left wrist).  Anyone have this same problem?  I'm worried - it's making a faint odor similar to the smell my childhood TYCO race cars made when we cranked their engines.

Somehow, I don't think that my computer and childhood electric race cars should have the same performance quality . . .