'81 Nautique - nothing but idle speed forward

[Buck 81]

I was pulling some friends the other day and while getting a guy out of the water, the engine RPMs went way up and sounded like the transimssion was not graabing anymore. I have reverse as before. Engine running good. Nothing but in-gear idle speed forward. It moves, but that is it.
Looked at transmission fuild, white (has water in it). Replacing fuild tonight.
Anything else it could be? What to do?

Help......Boat has been good for a long time!!

[WakeSlayer]

I would try flushing it a couple times, make sure it doesn't work still. Then, get a milk crate, pack it up, and send to Fantastic Finish Marine.

http://www.fantasticfinishmarine.com/

Eric is THE trans guy.