Transmission fluid loss

Determine where the fluid is coming from. Start with checking the transmission lines going to the front of the vehicle. There should be 2 that connect to a transmission cooler or to the radiator, typically on the passenger side. If one of these started leaking it may have sprayed transmission fluid onto your engine, causing the smoke.

I guess you would need to know if the problem is transmission or engine related. Do you have a loss of engine power at 25mph, or is the transmission not shifting up, or is it slipping ?
Is the check engine light on when you are driving ?
The smoke and smell sounds like you have a trans fluid leak and it is getting onto the exhaust. But if that were true you should be low on fluid at some point in time.

Pull the vacuum line of the transmission modulator valve. If there's oil in the line, the diaphragm in the modulator valve is cracked and engine vacuum is pulling trans fluid into the engine intakee

When was the last time you had the transmission filter and fluid changed? Sounds like the filter is clogged.

start your engine and let it get hot. cycle your transmission from park to drive to reverse back to park, pausing each time to let the transmission engage. Then, with the engine still running pull the trans fluid dipstick, wipe it off and reinsert it. pull it out again and check the level. there are marks on the dipstick to let you know whether to add or not.

It's possible there is an electronic fault or a more serious internal mechanical condition causing the transmission to slip as it warms up. After parking for a bit the transmission cools down and often they will work better for a while until they warm up again. To start with I would have the transmission controller checked to see if there are any service codes and then have it test driven by a transmission specialist when the problem is occuring to get his opinion on it. It does sound a lot like a slipping clutch pack from what you describe however which would require the transmission to be removed to fix the problem. Good luck and hope this helps out a bit!

First, take a look underneath with the engine running (be careful as the exhaust pipe is very hot, and, don't reach up where the fan is). A leak that severe is usually a cooling line (there are two that go from the trans up to the radiator) or from the converter seal (inside the bellhousing where the trans meets the back of the engine) The first isn't too expensive to repair, the second means trans removal and costs a lot.
Also check the transmission itself as the pan gasket or the side linkage seal can also leak.
Once you find the leak, you can decide what to do about it. A leak that large should not be hard to locate. If you see a lot of smoke at the tailpipe, the other way you can loose that much fluid is if the vacuum control on the side of the transmission is bad. then, you won't see anything on the ground but will be burning it in the engine. Only other place you can loose fluid is into the radiator in which case you will need to replace the radiator.
In any case, you will destroy your transmission if you continue to drive it leaking that badly.
I'm hoping that the leak will be in one of the lines.
Good luck!!

does that have a transmission cooler and check all the bolts on the fluid pan. also any difference in the exhaust smoke out the tail pipe ?

It sounds like you might have blown an axle. Especially if there has never been any transmission problems before. You said the fluid looks fine, and by that I take it to mean the fluid is clean and red, and its full. A blown axle will make the click noise, as the splines on the end of the axle are trying to mesh with the splines inside the transmission. The problem could be in the trans., but I'd pull the axles out first and check them, as axles are a lot cheaper and easier to change than a transmission.

i had a 1996 corolla, the spark plug wires run through the top of the valve cover, pull them off and check for oil in the spark plug tubes, the seals go bad and oil leaks past the spark plugs and causes the engine to misfire