Strange acting transmission

I have a '95 Accent that has developed a strange problem. It's an automatic. When I put it in gear the engine rpm's change like the transmission is working but the car does not move. The fluid is clean and at the correct level. Is it possible that the previous owner put the wrong fluid in? I don't have any experience with the SPIII fluid and don't even know what the color or viscosity is supposed to be. Or, is it possible I might have a stripped axle or broken CV joint. I'm not new to the automotive field but this has me puzzled! I'm hoping some of you out there can help me. Thanks