2001 PT Cruiser , wont reverse, transmission perhaps?

Hey looking for a little help here with this situation, was driving the car down the freeway, hear a loud bang from underneath the engine, immeadiately ceased accelerating over 15 MPH and would not reverse.

As it stands now the car will start up, but not reverse, or accelerate over 15 MPH without the RPMs revving like mad. Any ideas or help with this one? Think it might be tranny-related but lemme know what you think. Thanks-

also 117k miles on the engine :slight_smile: