You probaly have the Governor Lock differential. This differential is designed to lock when one wheel spins faster than the other. Under normal use it acts like a standard differential, until one wheel looses traction. It is also designed so that it will not lock up above a certain speed. This is a safety feature to keep an inexperienced driver from loosing controll if they are up to speed on a slick road and one wheel starts to spin. The Governor Lock is designed for light truck use, but many of them were installed in the 3rd gen F body cars.

Governor Lock