car not reversing but revs high and not shifting gear when driving help!!

so i was driving my dads car and next thing i know the car wont change gear i wont run right, and when i reverse it doesn't reverse but it just revs and car moves like a tiny inch.. i think the cause of the problem is me revving it when I wasn't suppose to rev it high and the Malfunction indicator lamp is on when i turn the car on and it doesn't go away! do i need an transmission rebuild or something like that????