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The 130 special was released as a Combo Amp, though I have seen quite a few taken out of the original cabinet and used in a rack system. Mine had a single 12" Scorpion speaker, I think a revised model came out in 86 (in Canada at least) that had twin 10" black widows.
If it's the speaker cabinet itself that';s smoking, you have most likely burnt some components in the passive crossover. Pull it out and you may see melted parts or scorching on the circuit board. Peavy does repairs on it's own products pretty reasonably if there's no local tech. Call Peavey Customer Srervice at 877-732-8391.
To get the speaker out, pull the frame with the grill cloth out of the amp by prying it out from any side, top or bottom. The grill frame is only held in with plastic velcro-like stuff. Once it's out, the speaker is bolted into the cabinet from the outside. Just unscrew the bolts holding it in, and lift the speaker out.
For removing the amp chassis, unscrew the bolts on the chrome plated strips on the top of the amp at the end of the right and left sides. The chassis should slide out the back. You may need to pull the speaker wires off the speaker, or pull the connector that hooks up the the chassis from the underside, which means you need to take out the speaker first.
Contact Peavey for the diodes and any other electronic components you need.
Yes it can be repaired. Your best bet is to locate an authorized Peavey service center and order the crossover from there. Most will sell the replacement crossover directly. The cost of the individual parts will not be significantly less than the entire module. Are you sure that it is the crossover that is smoked? It is unusual for the crossovers to go bad. What is the symtom of the speaker failure?
Not a good sign. Something has gone wrong with the output stages of your Peavey. It is not a good idea to continue plugging it in as damage may occur to your speakers. I suggest you take it to a decent music gear repair guy for a look see and give you a quote to repair These heads, like all Peavey gear, are pretty solid and worth repair. Sorry to be the bearer of bad news like this, good luck
Call the Peavey Customer Service line (number available @ the Peavey site) and get the parts department to email you a schematics on the amp... it has the footswitch wiring on it. And it's free to do this.