I used to own a pair of ARCs that one or the other would routinely blow a grid resistor, but it was never as bad as what you have described (no smoking and such). If you are feeling adventurous, unplug it and put it on a work area and pull the bottom off and see if you can identify any smoked electrical components. Be careful around the capacitors, you might want to get a hold of a shunt to manually make sure they are discharged (although if it has been turned 'off' for a couple of days I would think that they would be).
Someone mentioned "runaway voltage" and I now have a Cary amp and a coupling cap went out and i did get a run away bias going on. I imagine the tubes got pretty hot in the short time it operated without me catching it, but again: the tubes were not "glowing red" and no smell of smoke. If I hadn't have caught it, maybe they would have after a short while, so perhaps you have a run away bias going on, but I don't know anything about bias and preamp tubes and I wouldn't think it would happen "almost imediately."
When you say:
I connected the black side of each speaker cable to the white amp input, and the red side to the red 8 ohm tap of the amplifier.
are those the ONLY four binding posts for speaker cables that are on back of that unit?