Sounds bad.
Do some reading here:
http://www.tccoa.com/articles/tranny/index.html
Here's some diagnostics:
http://www.tccoa.com/articles/tranny...on/page4.shtml
Not looking good though, no 3rd and 4th is probably clutch burnt up. Rebuild time.
If that's your only option (take it to at least 2 tranny shops for diagnosis) think about upgrading it with a cooler and doing the Jerry Mod or Transgo kit.
Read all of the
www.tccoa.com articles so you know what's going on so no tranny tech can tell you a BS line.
If you look around there are companies out there offering rebuilt trannies with significant upgrades for the same price as the OE crap from the dealer. Do your homework.
If you have a lot of time, workshop space, and most mechanical tools you can attempt a rebuild yourself.
Good luck.
Rebuild guides.