Is My System Toast?

That amp has a main fuse, just above the power cord entry, it's specs are written adjacent to it. check it, hopefully it protected it.

CD player, even off, could be damaged, probably does not have a fuse, but check it somehow.

Speakers: I don't know about Quads, others?????

Not audio related , but... When our power was restored after a hurricane, it fried the electronics on my stove. (Who knew gas stoves had fragile electronics?)

So I imagine your amp/speakers might have been damaged. I hope the fuses protected everything. Good luck.

Did you use a surge protector? Smoke coming out of the speakers means the voice coil got as hot as your toaster. Hence they are toast.

When you plug things directly into the wall in hot pursuit of...."dynamics" n all... you may end up with no gear left, no music...

Try to plug things into a good power conditioner w/protection features enabled.

Sounds like you had a decent power surge.
 

These speakers aren’t worth much. If one of the speakers smoked that means the amp sent a good amount of current to the speakers and the voice coils as well as other parts such as crossover are fried.

The amp may still be ok if it turns on but you would need to check it with some other set of speakers. If it doesn’t turn on, check the fuse.