1994 Dodge Truck I need help!

I bought this 1994 dodge ram 1500 today. Its got the 318 v8 magnum with a/t, push button on dash overdrive transmission. It drove fine at first. Then about 20 miles on my way home I lost all function in the transmission, it was in drive but acted like neutral. All the gas pedal did was raise the rpm. Rolled into a gas station shut it off, restarted a few minutes later after checking fluid, and for leaks. It seemed to run fun for about another 20 miles. When I release the gas pedal I get a metal on metal grinding sound like if you stuck a piece of metal in a metal fanblades way. When I press the accellerator again it hesitates before thumping back into gear and resuming drive conditions. Got to the highway and it drove great 60-80 no problem. Went to pull off the offramp released accellerator same thing as before, it idles at less than 1000 in park. No clue whats going on here. I also have a mind of its own oil pressure gauge but when it's acting up it doesn't seem to affect the driving of the vehicle, speedometer isn't functioning and check engine light is on. The speed odemitor has a mind of its own to works then dont. Kinda I think feels like when I release the gas the rear end dont slow down as fast as the front. This is with out touching the break when I touch the break the sound gets really loude sounds like it would if the brake pads where gone and it was metal on metal but it does it even with out touching breaks so I know thats not it. Any help would be great thanks so much. But when driveing forward feels like the rearend drags at first.