Hey jsun - it's getting hot over here in J-town (Johnstown) and the temp inside the car is probably around 125 degrees right now. Best to find a shady spot to park in. After sitting in the sun with the windows up at work all day the a/c takes about 10 - 15 minutes to cool the interior and by that time your home.

Well, best to be thankfull a/c is available to us...
As hajoca says there's your problem - a belt that is not tensioned properly and the screech is coming from the belt slipping on the pulleys.
Just look at all these excessive heat warnings/watches!
8/14/11
The A/C just needed recharged (approx. one 12 ounce can) and now drops to 40 degrees output within 5 minutes.