just saw your post...sorry about your problem...how much current is the motor drawing and is the ESC rated high enough to handle the current draw? That looks like the same blue motor and ESC I am running in my Falcon 3D. I got it on Ebay from Hong Kong and have had no probs with mine. I dont think it could be the receiver. If you were running too much voltage your ESC could burn up if the input LIPO battery voltage was too high or if the motor was shorted, it would short circuit the output voltage from the ESC and result in smoke. Sorry I am probably not much help. Someone else will hopefully say more. Dont throw your heli away. This is very frustrating and I would feel the same.
Ralph