Need some help

about a week ago i bought a 86 ( i think) bronco II 2.9 V6 auto tranny for $35 .......everything works except for............
the engine revs without the transmission...in every gear.....i work on cars quite alot but i dont know much about fords or transmissions..so if you guys could point me in the right direction i would appreciate it
thanks
John

$35.00 is pretty cheap. Could be a bad torque converter. Or seriously blocked up insides.