Anon, Happy and smart are adjectives and adjectives don't modify nouns, they describe; only adverbs modify (verbs, adjectives and another adverb). I am happy = Happy describes my current mood, or me.
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Anonymous" I am a smart guy"I think we can say "smart" modifies "guy" here.Yes, we can say that.
Anonymous"I am happy"Do you say "happy" modifies "I" here?No. In this case we say that 'am' is a linking verb, and that 'am happy' is a predicate, and that 'happy' is a predicate adjective.