A few minutes ago there was a loud noise and something that looked like dust but smelled like burnt rubber floated down from the ceiling fan. The smell is only in the living room at the moment so I assume it isn't gas, but if it spreads I might call 411 or 911 if it gets really bad. I don't have a furnace in my house. I'm a very paranoid person, so if anyone who has gone through this can tell me whats going on, or if anyone could give me any advice
Get an Electrician over immediately!
Sounds like the ceiling fan wiring was a bit sketchy. The loud noise (POP or SNAP, usually) was a major electrical defect followed by vaporized wiring and wire insulation, normally followed by a burnt rubber type smell.
You shouldn't use the ceiling fan and should turn off any light switch or circuit breaker that powers the ceiling fan. _____Call-in an Electrician immediately!_____ Only call 911 if there's further incidents or if you smell more of the same or any new odors.