'01 E320 transmission slips out of gear after 5 mins... toast?

First, it has 186,000 miles, and was serviced per MB specs at 100,000 miles, which was about seven years ago.
About a month ago, I noticed that sometimes when I floor the gas pedal, the engine would rev but it didn't seem like the car responded correctly. Hmmm.
About a week ago, this happened a couple of times and then I knew something wasn't right.
On Wednesday, it happened a couple of times and this time I noticed a high pitch whir noise when I pushed the pedal hard, but the car barely responded ... even when the RPM went up as expected.
On Thursday, the whir noise was really noticeable, and after a couple of minutes, the car slipped out of gear while going about 40 mph on flat ground. The Check Engine light came on. I pulled over, waited a minute, and restarted the car and drove about 30mph for a minute. Then I got to a very mild hill, pushed the gas more, and the car started slowing down, and after about ten seconds, the cars slipped out of gear. I pulled to the side, waited a minute, and restarted the car, and after getting up to about 20 mph, it slipped out of gear again... and I was stuck.
AAA towed me to the mechanic at the 76 gas station, who said it sure sounded like a shot transmission and that I'd be better off towing it to the MB dealer. I waited an hour, test drove it out of the gas station lot, babied it, and it slipped out of gear again after about a minute. This time I let it rest for another hour, and was able to baby it home.
About three hours later, I drove it around the block, and on the way back, a small hill, it started to get sluggish again. I creeped home.
This morning, with the trinity completely cold, I drove it and it did respond to a measured gas pedal push to the floor, up to 50 mph. The check engine light is still on. I called my service guy at the MB dealer, described the above, and he said he was 95% sure that the tranny is shot.
If I am able to drive it to the MB dealer, which is a 15 minute drive, I'd get the codes checked... but not sure I can get there without the car slipping out of gear.
In your opinion, am I describing a shot transmission that needs to be rebuilt? Could anything else describe why a tranny would slip out of gear when put under load?
Last edited by DunninLA; Feb 15, 2015 at 11:09 AM.



