Are there any fittings that look oily? If so, the refrigerant has leaked out and the low pressure switch is preventing the compressor from coming on. Fixing the leaks are necessary, then refilling with R12 or fixing the leaks and converting over to R134a is another option. Either way will cost a bundle unfortunately.
1 of 2 things.. if it just one day stopped working it might be that your low pressure switch has gone out... or you might in fact be out of freon...
Try doing this... pull the plug on the low pressure switch located on the evaporator (canister on the back left of the engine on the firewall) Take a paper clip and bend it into a "U" and short out the plug. At this point your compressor should come on... Go inside the car and check to see if it is blowing cold... if it is than it is most probably your low pressure switch is bad. If the switch is bad it reads a false low pressure situation and turns off the A/C..
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