You should follow the advice given by EAOutlaw (post #4), or you will be reducing the life of your new belt and it will just drive you nuts again with noises. Once a serpentine belt starts slipping, it wears quick. Avoid using chemicals that can break down the belt's materials too! You should check the cam synch too as suggested. That's wise preventative maintenance that could save you a ton of money and grief.

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1995 Ranger XLT 3.0L OBDII
Trans: A4LD (E) 2WD
Rear: 7.5 / 3.45 NL LHD
Tires:GY P235 75/R15 (orig 225 70/R14)
Long Bed, 20 Gal Tank
Up to 229,900 miles