That could very well be it.
If your car still drives, it'd be easy to know if your clutch got soaked.
If the clutch slips alot, it probably is. If the clutch doesn't slip yet you still get the smell, trans fluid might be leaking out somewhere and getting onto hot engine parts causing it to fume/smoke and smell really bad.

To know if your clutch slip is also kind of easy.
Drive the car in 4th, or 5th and go pedal to the metal. If the tach needle goes up faster than the speedo needle, your clutch is more than likely slipping.

edit:
sorry, I just noticed your PM and the date of your post. I don't really come here very often anymore...