Transmission starts to slip (flare), there is a low "boom" from the tranny, and a "bing" from the dash.
Transmission locks in "limp" mode - 3rd gear so you can "limp" home or to your nearest dealer.
Message on Dash "TRANS PROGRAM - Consult Owners handbook".
NOTE: This only happens once the car has warmed up - usually after 15-30 minutes of good driving. The car is fine when still cold.
Things to check before even contemplating a transmission overhaul:
Check electrics - Alternator and battery.
Replace DME Relay and Fuel Pump Relay - not expensive.
Remove disassemble, clean and reassemble gear selector switch - If it looks beyond saving, replace ($200)
Service the transmission ($130 from a specialist) and check/replace transmission speed sensor ($90)