I was going down the road after taking off from a red light and it felt like the trans slipped and then smelled like something burning for about 5 secs. The further I drove the worse it got. After it was all said and done I had to drive it back home in 2cd. I had no D or OD. Is it toast? It's in a 92 z28 with a modded engine.

 

Toast!

 

Mine actually did the same thing but was even slipping in 2nd and it turned out that I blew the governer assembly into a million little bits. It actually only cost $100 to get fixed at a tranny shop (I tought I was in for a new tranny also) and was right around $20 in parts