Transmission?

I have a 2001 Volvo S60 2.4t. I am
having a problem with the car. One
day I was driving the car and all of
sudden, the car stop going like it
gave up. What I mean is I press the
gas and you can hear the   
Acceleration but it won't go.
Everything is fine with the car. Gas is
good,  mileage is great but it just
won't drive. The other day, I got in
the car and turn the  ignition on. Next
I put it in drive and nothing happen.
It just stayed in parked. Then I put
the car in  reverse and still nothing
happen. Pretty much I put the shifter
in every shift and nothing happen.
But there is something that I hear
when I put it back in park. For
instance if I turn on the car and put it
in drive then put it back in park. You
will then hear this loud noise that
sounds like something is stuck. I
think it has to do with the
transmission but I hope not because
I don't have the type of right now to
be spending. Can you help me
please!!!!!