Date: 201206
Local time of day: 1801-2400
Location: ZZZ.Airport, US
Flight conditions: VMC
Aircraft: B737-300
Operator: Air Carrier
Operating under: Part 121
Flight plan: IFR
Mission: Passenger
Flight phase: Cruise
Airspace: Class A ZZZ
ATC / advisory: Center ZZZ
Reporter organization: Air Carrier
Reporter function: Captain; Pilot Not Flying
Reporter qualification: Flight Crew Air Transport Pilot (ATP)
Second reporter function: Pilot Flying; First Officer
Anomaly: Aircraft Equipment Problem Critical; Flight Deck / Cabin / Aircraft Event Smoke / Fire / Fumes / Odor; Inflight Event / Encounter Weather / Turbulence
Detector: Person Flight Crew
When detected: In-flight
Result: Flight Crew Diverted; Flight Crew Landed As Precaution; Flight Crew Landed in Emergency Condition; General Declared Emergency
Contributing factors: Aircraft; Procedure
Primary problem: Aircraft

Narrative: Night cruise at FL370 with thunderstorm avoidance en route to [destination]. Master Caution with 'IRS' on annunciator. There were no supporting indications of failure mode on aft overhead panel. No indications of platform failure/attitude failure when control instruments were compared. IRS annunciator went out with MC press. After comparing control instruments; I looked up at the overhead panel and discovered most Caution/Warning lights illuminated. All lights on the flight control panel were on (although hydraulic A & B were normal pressure; pressurization panel had all character segments flashing as if in a test mode; bottom row of Engine and Wing Anti-Ice lights were on (can't recall exactly if they were dim or bright); Green APU Squib light was on and Bottle Empty lights forward of Squib lights may have been on; All pitot static lights were on; Window Heat lights were all off.First Officer (pilot flying) assisted in crosschecks of instruments and mentioned noticing a faint electrical odor. My initial concern was losing cabin pressure; probably because that panel was flashing the most impressively. Both pilots at this point un-stowed our O2 masks in a ready manner. We were negotiating a weather avoidance route to the south along a southwest to northeast line of thunderstorms during this time. I felt in need of assistance and called Maintenance to request they call Dispatch and have them call us. When Dispatch called; I requested a conference patch to Maintenance. When everyone was on; I relayed our indications. During this time; I also discovered a popped circuit breaker on the P6-2 panel labeled; Zone 5; under Annunciations.With so many unrelated; yet each in and of itself; serious systems failure indications; I asked for suggestions. Maintenance checked aircraft history; found none of an electrical or circuit breaker problem and said it should be all right to reset the circuit breaker. Within 30 seconds of resetting the circuit breaker; we smelled increased electrical fumes; donned our masks; and performed the boxed items for smoke/fumes. I told the First Officer that we would be definitely diverting to [a nearby airport]. I left the ATC frequency (and intercom) to tell the flight attendants the situation and made a quick PA to the customers informing them of our intention to divert. By the time I was back on ATC and intercom; the First Officer had declared an emergency; obtained clearance to [divert airport] and initiated a rapid descent. We got around the line of thunderstorms to the east and would make it in VMC. We landed uneventfully.


Second narrative: Took too long to get Maintenance on the conference call. Also; they shouldn't have directed us to reset the circuit breaker. Additionally; we shouldn't have reset the circuit breaker when they directed.


Synopsis: B737-300 flight crew experienced electrical malfunction that included multiple flashing lights and electrical smoke. Crew declared an emergency and diverted to a suitable airport.