Normally when a cambelt fails, the belt itsself is intact, it's just the teeth that come off.
In fact even cambelts that run around the waterpump, when the waterpump seizes, it'll start to melt and smoke but won't snap.
Personally I think the whole "stretch" thing is a load of shyte.
The strength in the belt is normally fibreglass or for the ricer versions it's carbon fibre.
There you go, you can find anything on the interweb.
http://www.aa1car.com/library/ar594.htm
Timing chains are bad for stretching though, that's because every link is a bearing which wears, no different from bike chains which need constant adjustment.
Steve
Computers make you go mad.