I am using a 40 watt peavey amp right now, and i have to turn it up almost all the way when i play with my drummer. It sounds like crap especially when playing clean, and it smells like its frying after we play.

there is alot of feed back and noise when i engage my distortion pedal too. Is this from the amp being turned up so loud?

Also, what is a good amp to get for 300-400 bucks? An amp for practice with a band or small gigs etc.
A good SS in that price range would be a Vox Valvetronix series or a Roland Cube. But if I were you I'd save a little longer and get a nice tube combo in the $500-700 price range.
Emo is to music as etch-a-sketch is to art.

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Music can't really be judged, since it's all on the same level. Unless it's screamo. then it sucks.
What music do you play?
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^I'd let a pro look at it. Once you get into the technicalities of screws...well, it's just a place you don't want to be, friend.
rock mostly, a mixture of foo fighters, tool, rage, nirvana, bush, etc ..
Michigan's Craigslist sucks. Haha.

Check out this:
Offer him 400.

Or go for the smaller V16. The V32 will be plenty of headroom for you, though.

Peavey Classic 30's go for around 4-500 bucks. You should be able to find one you like there.