'Red' Hot Exhaust

[Colonel]

After checking the ignition system and installing a rebuilt carb, the A started right up. Then two things happened... First, the car would not go faster than 25 mph even at full throttle and second, the exhaust manifold and muffler turned red hot... yes red in color. When I shut the car off, smoke came out of the back of the carb and the muffler popped. What do you think? Is the patient in serious condition?

I was planning to take this car on a mini-vacation this weekend and was hoping to fix the problem quickly. Now I am not sure if that's a good idea.