phillips lcd smells like burning plastic shuts off?

My Phillips LCD 42" was purchased in 2009. A few months ago randomly the TV would turn off or rather screen went black with no sound but TV was still on due to electricity noise and white power button was still lit. I'd turn TV off and on again and it'd be fine. Then the burning plastic smell started also randomly. Both issues became more frequent until a week ago when I heard a loudish pop crackle fizzing type noise and TV turned off accompanied by the smell. It freaked me out so I left it off and pushed power button to totally turn it off. It has been used since then with no problem one time then the smell the next time. It has not been cleaned in years but I don't see a lot of dust at all, I have noticed there is a red orange light on the power supply that I don't remember seeing before. Any ideas on what the issue is? Thanks in advance for any help.