HELP! 1995 Corolla problem

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"Hesitating" and "revving" describe different conditions. A hesitation is
when the engine speed does not increase smoothly when the throttle is
applied. "Revving" is when engine speed increases. "Slipping" is when
engine speed increases without a corresponding increase in vehicle speed.

It sounds like you are describing slipping. Slipping in a vehicle with a
manual transmission can happen when the clutch friction material is worn,
when the clutch pressure plate is worn, or if there is a problem with the
clutch actuator. At 150,000 miles, it is possible that the clutch is worn,
especially if the vehicle is driven a lot in stop-an-go traffic, if drivers
hold the vehicle stationary on inclines by slipping the clutch, or if the
vehicle is down-shifted frequently to slow down instead of applying the
brakes.

I would have a competent technician take the vehicle for a test drive for
evaluation.
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Ray O
(correct punctuation to reply)

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If the clutch is the original, my guess is that you have managed to wear it
out. I'm keyed in on the report you gave that says the engine speeds up, but
the car does not.

Don't take that personally, the clutch is a normal wear item, and most folks
can't get as many miles as you did.

I guess after reading the responses , it probably is the clutch.

How much could this cost?

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The cost of clutch replacement depends on the prevailing labor rates in your
area; anywhere from $700 to $1500.
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Ray O
(correct punctuation to reply)