Ford Repair: F150 transmission, torque converter, transmission capabilities

Question
Yesterday, my wife got our 2001 F150 stuck in a rut alongside our driveway. While I was getting the truck un-stuck, I revved the engine and shifted from reverse- to forward- and back and forth. Later that night, as my wife was returning home from work, she heard a loud "bang" that sounded like a gunshot; and by the time she reached home, the engine was at 6000 rpms, and the truck would barely move forward- (reverse works great). The trans. fluid looks new and is not burnt. Am I looking at buying a whole new transmission, or is it possibly an internal part that needs replaced?

Answer
Eddie-

   Sounds to me like you may be dealing with a shot torque converter.  Think of a torque converter as a clutch for an automatic transmission except instead of friction it uses hydraulic pressure.  I'd get the truck to a shop with decent transmission capabilities as soon as you can.  If the converter turbine broke, you could be looking at a lot of metal splinters in your transmission (which, I don't think I need to tell you, is not good).  Torque converter jobs aren't insanely expensive, but they're not cheap.  Just have the shop take a look and brace yourself for the worst.  Hope this helps.

Steve