'95 Galant - Problem symptoms

Hi,
I have a 1995 Mitsubishi Galant (auto transmission) that has recently started giving some problems:

1) There is a loud squealing noise that comes from the front (passenger side I think) wheels when I start moving from a complete stop position.

2) Another stange problem is when I move the transmission to 'Drive' and step on the accelerator, the engine revs a little and then it feels like the gear falls in place and the car moves forward, i.e. nothing happens even after revving the engine for a few seconds. I have also noticed this happen when I need the extra power to merge onto a freeway.

Can someone explain what they think might be happening? What are my options and how much do you think this will cost?
Thanks
Ram

Take you car to a front end place and have them look at the wheel noise. Your trans sound like it's weak. Try a fluid change.