Ok, here's what I suspect....
1. 3.72V on the cell that didn't trip the PCB is ~20% remaining capacity. The other cell obviously tripped which means that these 2 cells are mis-matched in capacity by 20%. This has nothing to do with the problem going on but is worth pointing out because this type of inconsistency seems to be the mainstay of ultrafire, consistently inconsistent...
2. If you only ran it for 15 minutes before the cell tripped the PCB, then one of 2 things are likely happening:
A: The cells are severely underperforming and the normal load of this flashlight was a ~4C discharge rate for the cells, meaning the cells have less than 200mAH true capacity... Very bad..
B: The cells are close to expected capacity (~500mAH or slightly better at normal loads) but the flashlight is drawing ~1.5+ amps (3-4C) because something is wrong with the LED module, like a mild internal short or improper component installed on the regulator. This would explain a lot of the excess heat. In my experience, a normal Q5/R2 D26 style 6P size flashlight running ~3-4W power consumption will get warm after 10-15 minutes but not usually hot... Massive heat in the module could have destroyed the LED, produced various off-gassing by components on the regulator board, all sorts of possible things revolving around the concept of a short or excessive current draw seem very possible.
So it could be the cells (we already know they are very badly mismatched, maybe they are also severely underperforming, it would stand to reason IMO). It could also be the flashlight causing a problem.. It could be both.
-Eric