Need new belt?
But to answer your question, yes, the belt can break. When it breaks, it'll probably take out the A/C belt as well. When it breaks, the alternator and waterpump will stop, so you will overheat pretty fast when it happens.
It takes about 20 minutes to swap both of them out (A/C belt is easier to change from underneath), and should be considered routine maintenance.
I'd do two quick checks to make sure it's okay to drive for a little longer. Take off the existing belt and inspect it throughly. Look for cracks. Very small ones are okay, but if any of them exceeds about 1/6th of the width of the belt, it's giving up any time now.
Second check is to make sure your alternator and waterpump are okay. Just turn them by hand when the belt is off. If you're unable to turn either of them by hand, they might be seizing, and that's why the belt squeaks.
My black TA sits outside... Every morning there is a little belt squeal, but it goes away after five minutes... Too much condensation/humidity... The whole car looks like it rained the night before, but it's all morning dew where I live.
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