Help with my 98 Sonoma's Electrical system

I've been having problems with my electrical system in my truck. I was on the way to work one day, and the battery gauge suddenly dropped to about 10 volts. It was fine for awhile, until it broke down on the way to the
store. I got one of my friends to look at it and he said I needed to replace my alternator, which I did, and it was running perfectly for about 2 months.
Now, the same crap happened again. My battery gauge went down to about 10ish volts, then my gauges and radio completely turned off. I drove a bit more, then it sounded like clicking was coming from the fuse box, and I started to smell smoke. Then my truck died, and I pulled off to the side of the road and got one of my buddies to tow me to my work parking lot, which I was close to.
He looked at it again, and showed me that my negative battery cable was halfway sliced open about halfway through, with the wired inside showing (some of them were actually split in two). I replaced the ground, but it still wont run. Did it completely fry my electrical system? Goodbye money?
Any help will be greatly appreciated.
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If you bought a rebuilt alternator to replace the old one, the changes are fair that it has also failed. Have it tested where you bought it. The quality on rebuilt alternators is often very poor.
You may have other electrical issues as well, but start by testing the alternator, clean your battery cables, recharge the battery, and go from there.
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