First my engine, now my transmission...

I don't have reverse anymore. I drive an 89 RS auto. Everything worked fine until last night. Well, when I pulled out of my driveway and went from R to D, I would have to wait a second for it to go into drive, but I didn't think that was a real problem. But last night when I put it in reverse it just revved up when I gave it gas. Then in neutral (or anything else) it was like in drive. Someone please give me some idea of what this could be.

I'm hoping this is a common problem that there is an easy and inexpensive solution to (but for some reason I doubt it). Please help.

By the way, I checked the fluid level and it was fine.