1996 Toyota Celica Car won't move.. grinding noise?

Hi i have a Toyota celica 1996 automatic and my car doesn't move when i put it in Drive or in 2nd gear, but it Reverses and Parked works fine. Before the car was driving fine until i started hearing a grinding noise but i didn't pay much attention to it, then gradually the revs started going up in order to move in drive and now it simply stands still. It does move in Drive very slowly if i take it to 7000 revs. What is the problem? i am a student and can't afford to pay alot for repairs.. Please Help