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This sounds like pressure loss due to the plugged screen; stuck open pressure regulator or [rare] the front pump is not rotating by the engine.
Drop the pan remove the screen; if it is clean, locate the regulator valve [big one spring loaded and tap its bore with screwdriver handle, this may free the valve].
If there are lot of debris inside the pan and screen is plugged up consider rebuilding in the future; after cleaning the pan and using new screen the transmission still can work.
The front pump is driven via converter hub; On American cars the pump gears can broke but this should create lot of noise; the torque converter is bolted to the flex plate by 6 bolts; I doubt, however that they all can fail at once.
Ps You can also check my thread about "torque converter noise"; it may not help in your case but worth reading!
Last edited by Doctor J; 08-16-2008 at 12:30 PM.
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