95 Celica GT does not accelerate

1995 TOYOTA CELICA
180,000 MILES
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ETERNALLION
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I have a 95 Celica GT 2.2 with auto transmission. Last night I was driving along the highway when all of a sudden I heard something break/snap underneath my hood. The speedometer went down to zero as the car started to slow down. I tried to accelerate but the car wouldn't move any faster and I hear a metallic/grinding noise when I step on the gas. Smoke started coming out from under the hood. It seemed as if the grinding/metallic noise caused the smoke. The car finally came to a complete stop on the side of the road. I turned the car off and turn it back on. Engine starts fine. While on PARK, I step on the gas. Everything seems fine. But when I put the car on DRIVE and step on the gas, the car won't accelerate and the grinding/metallic noise comes back and gets louder and faster as I step further down on the gas pedal. Had no choice but to get my car towed back home. Last time this happened 3 years ago, it turned out to be the timing belt. As I looked under the hood, I noticed some sort of leak around where the timing belt is. Looks like oil or transmission fluid. I can't really tell if the timing belt had torn because it's covered up and I would have to remove other parts to get to it. Could the problem be the timing belt or something else? Any advice is appreciated. Thanks.
Apr 22, 2013 at 4:56 AM
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HMAC300
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if it runs fine in park then check your axles and transmission first
Apr 22, 2013 at 7:04 AM