Disconnect your motor wires from the ESC and see if the ESC will power up and power your Receiver. If you get no response (or more smoke) you definitely have a bad ESC.
try swapping a friends known good ESC to confirm this and also check there's nothing wrong with the motor.
The most common cause of this is battery wire reverse polarity at the ESC.
If you bought the ESC new and recently you may be able to send it into Reventon under warranty.
Good luck. Hope everything works out.
-Chad