Volvo Repair: Volvo 2001 S-60 automatic, volvo s 60, horrible sound

Question
my 2001 Volvo S 60  with 127,000 miles  I started the car and my engine made a horrible sound  hardly moved I was able to get home but the engine lights flashed and  lights says ugent drive slow  engine miantenace needed  what is this and can it be fixed or do I give up and buy another? is this my transmission?

Answer
Misty, this is the kind of thing that is impossible to diagnose without looking and scanning the car.  It does sound like the transmission but I would have a Volvo shop take a look.  If its too expensive to find then perhaps try to get another one.  Roger