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You have a faulty wire and all of the current is running through 1 wire instead of the pair, causing the wire to burn (and could even cause it to melt, depending on what type of wire it is). I imagine the reason the breaker didn't flip was because this wire had not yet melted, but instead had started to burn the insulator, explaining the smoke. The outlet flashing was most likely caused by a rush of current running through such a thin wire and jumping at the outlet, as there was a such a big current.
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