This was the second time it happend. I was driving around town a bit and all of a sudden I hear this sound coming from the engine bay... "eeeerrrrkkkk vvvrrrrr... rrrr...." it lasts a few secs then the sound fades. I suspect it may be the timing belt or alternator belt running loose or too tight. But its impossible because the last owner just replaced the timing belts.. though he was a wreckless driver (not warming up car, drove like an insane maniac, bumpers arent aligned, etc). Any other suggestions what is causing this sound? What should I check out?

 

"But its impossible because the last owner just replaced the timing belts"
So??; just because the T-belt was replaced doesn't mean the Alt belt was fully tightened.
OPEN THE HOOD rev the engine to fast idle 1500 RPM, then turn on the AC and rear window heater and headlights, see if that sucker makes noise reving the engine under a full electrical load. The post doesn't say if you were turning when the noise happened, because that might mean a loose P/S belt.
If you need directions on how to OPEN THE HOOD just repost.

 

I was driving straight on a straightaway last night when the noise occured.