Set the meter to AC 750v range. Closed the breaker. Tested black to
neutral: no reading. Tested red to neutral: In a split second "FFFZZZZ!"
and the wire inside the insulated test lead fried and shot out of the test
probe.



Did you have the probe plugged into the Amps jack? I'm not sure how else the
wire would have burned up like that, you may well need a new meter now
though.