Hello all, I am new here, but have been on internet car forums for years (I am a regular at the Pelican Parts Porsche forums).

I bought a 1990 Volvo 740GLE (2.3L NA 16v) recently for a commuter/winter car, and it has been great up until today...

Coming back from a party in MA - luckily I was just about 15 miles from home - I noticed that something wasn't quite right about how the Volvo was running. It seemed to be revving higher than normal, and the accelleration didn't correspond the way it normally does. Before too long, it was driving almost as if the "clutch" was slipping. Obviously, seeing as it is an auto tranny car, I knew something was up with the transmission.

I pulled over onto the shoulder and saw that something was leaking underneath the car and onto the exhaust. Sure enough, the auto tranny fluid dipstick was pretty much dry. If I let the car sit in park for a few moments, the car would drive forward for a couple hundred feet and then the "clutch" would slip again. I got the car into a parking lot and called a tow truck.

Has anyone ever dealt with this before? Does this sound like a gasket, or am I looking at something more $eriou$?

Thanks in advance!