Volvo: Starts but then dies?, engine wiring harness, electrical issues

Question
I started my 79/80 245 yesterday, some whitish smoke came from the right hand side of the bonnet (smelt vaguely electrical), now it starts but it wont run for more than a few seconds. The starters been 'sticky' for a while now, ie when u turn it over it kind of screechs, but then will start if you bounce it, also all warning lights have been coming on intermittently mostly when slowing down, turning etc. I did wash the car prior to starting it yesterday, but opened bonnet and left it to dry in case there was water on the electrics, but there doesnt seem to be now and distributor is ok.
Any ideas that could help would be appreciated. Thanks

Answer
Have you replaced your engine wiring harness?  If not, and you're suffering from insulation rot (as most from those years did), then you could have any number of electrical issues that will be horrendous to track down.  First thing is to figure out if the engine is not getting a spark or not getting fuel when it dies.  From there, you'll have to trace back through the system.  Carefully check all the wires you can find under the hood as well, looking for flaking insulation and shorting contacts.  Let me know if you find anything else, or if you discover the source of that white smoke.