rear end or transmission problem?

Don't know how it could make the engine rev like it was in neutral but I had and old POS 66 Buick when I was 17 that had mechanical throttle linkage and a motor mount broke letting the engine raise up and pull the carb wide open. Good thing I wasn't behind someone when I first happened. Took me a little bit to figure it out cause when I'd shut the key off the engine would drop back down and let the throttle up.

Exactly. Depending on the amount of lift it will also bind up the kick down rod.