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C6 c4 ? no drive


I have just got a new ride that has came in from Nevada it has not been drove for 3 years its running a 351w and what i think a c6 or c4 trans i have done around 70 miles in it over the last few days with no problems, today i got in it went about 200 yard up the road and the trans started slipping by the time i got it back home i had no drive but i still have reverse the fluid is nice and red and dose not smell burnt and is on the rite mark on the stick , any idears what mite be wrong or is it shot

many thanks

sounds like the front pump in the transmission is failing. 

Also a possibility that it is an FMX transmission depending on year

Thanks for the replies I was told the motor came from a 77 mustang I took the pan off last nite and the filter is all clean but the pan also holds a spring in and what I would say a vale have all the trans got this on this way or just serten ones


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