1988 burb trans problem...any thoughts.?

[arizona kid]

I have a problem with a 1988 4x4 Surburban I just bought and wondered if anyone had any suggestion or comments to help me out. I am a new buyer to Chevy and the Surburban model. While I was driving I had a hard shift from 1st to 2nd in my automatic transmission. It was more like a jump. Then it seemed to be stuck in one gear (1st) and was winding out at high rpms yet not switching gears. I put into 4 wheel drive and experienced the same problem with the truck not getting out of 1st gear. Is this a major transmission problem ? I am inclined to fix it yet am new to fixing tranny problems. Any suggestions to what may have happened.....or anyone with knowledge of this type of problem please reply. Thx azkid