The overdrive light on the gear shift is flashing and it is slipping real bad in 1st and 2nd gear... Plus I have RPM surges sometimes at highway speeds... What could be wrong?

Check the fluid, with the motor in park.

You lost your 2-4 and that is normally the Band or Drum

I have a 92 Crown Vic first and second works fine reverse works fine when it shifts in the third gear it goes to slipping and overdraft can you help me fix this problem thank you

For Automatic transmission problem,click the link below:----Overdrive light in the dash blinks? http://repairhelpcenter.blogspot.com/2012/01/overdrive-light-in-dash-blinks.html
--------- Automatic transmission troubleshooting:----

http://howtobyme.blogspot.com/2011/11/automatic-transmission-will-not-go-into.html

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Automatic transmission shift lever issues?-------

http://technoanswers.blogspot.com/2012/01/automatic-transmission-shift-lever-hard.html

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AUTOMATIC TRANSMISSION FLUID LEVEL? --

http://schematicsdiagram.blogspot.com/2011/07/how-to-check-automatic-transmission.html

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AUTOMATIC TRANSMISSION FLUID AND FILTER?

http://schematicsdiagram.blogspot.com/2011/07/how-to-change-automatic-transmission.html

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Transmission fault light on car dash?

http://schematicsdiagram.blogspot.com/2011/12/transmission-fault-light-on-car-dash.html

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Transmission shifting problem?

http://schematicsdiagram.blogspot.com/2012/01/transmission-shifting-problem-on-toyota.html

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Transmission Slips out of 2nd gear?

http://repairhelpcenter.blogspot.in/2012/02/transmission-slips-out-of-2nd-gear.html

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OD light flashing and transmission fluid leaking?

http://repairhelpcenter.blogspot.in/2012/02/od-light-flashing-and-transmission.html

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Why Transmission fluid leaks near radiator?

http://repairhelpcenter.blogspot.in/2012/02/transmission-fluid-leaks-near-radiator.html

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Transmission fluid leaking?

http://technoanswers.blogspot.in/2012/02/ford-windstar-transmission-fluid.html

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****** wont go in reverse?

http://technoanswers.blogspot.in/2012/02/dodge-neon-wont-go-in-reverse.html

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Automatic transmission will not go into reverse?

http://technoanswers.blogspot.in/2012/02/dodge-automatic-transmission-will-not.html

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Transmission is making buzzing noise?

http://technoanswers.blogspot.in/2012/02/transmission-is-making-buzzing-noise.html

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This will help.

Thanks.

could be a solenoid
low oil
worn overdrive friction discs

you can source a used transmission from a wrecker
and drop that in

from the pictures i cant tell if its overdrive is under an external plate at the end of the gearbox
and repaired with an overdrive kit

it may be a bad transmission modulator valve located on the side of your transmission,vacum operated. a sudden downshift or forward shift when unexpected is sign of a bad modulator valve or a vacum leak to the transmission.best to shop around for a garage w/references when it comes to transmission work though. check all the vacum lines to your transmision,you need to look on the underneath side of your truck on the side of transmission for a loose or disconnected vacum line on the side of the transmission. when you feel the vacum line,follow it to the top of engine,the vacum line is about 3/8th line,and may be disconnected or losing air. to make this short,when you drive the car,start out in low gear and shift the transmission,manually from 1st to 2nd to 3rd does it do right with no slipping? if it does this right and shifts great manually,the modulator valve on the side of the transmissions bad,or a bad vacum leak in-between.thank you for choosing fixya.com

Yes, it could very well be a bad transmission.

Check both O2 sensor(s) and catalytic coverter.. P0420 means catalyst below threshold. Also check the sensor at the transmission and solenoid.

sounds like it may be either a converter problem or u got some bad clutches in third in the case you need to go to a tranny shop.

The blinking overdrive button is telling u that a serious fault has occurred in the electronic controls or a mechanical fault such as excess slippage is occurring.