S3 light blinking

I went to start my car and it wouldnt start at first, so i waited a few minutes and then it started but had the S3 light blinking like crazy. I was confused so i just wanted to get home. I went to accelerate and it took awhile to start up and it seemed like it was starting up in 3rd gear. I never had this problem before so i dont know what to do. Is this the beginning of the end of the tranny?

http://g2ic.com/forums/showthread.php?t=109440