My truck does this too sometimes. Its a 94 2wd 1500 with a 318. Fairly new tires with the original rims. About 180,000 miles but the motor was rebuilt at about 172,000 and I put a bigger cam in it. Steering wheel doesn't move and the truck is somewhat controllable, I would describe it as a surge forward.
It just did it to me earlier today when I was accelerating on the highway, when I got to about 60 MPH, was hitting the redline, and it wouldn't shift into second. Backed off the gas and it quit. Could it be the transmission not shifting even though the computer is telling it to?