Ford Repair: 1996 Mustang - O/D lights flashes, battery cables, faulty code

Question
Help! The o/d light flashes when I drive. The "trans" doesn't feel like it's slipping, in fact the car doesn't feel like anything is wrong at all. But, alas, I am a girl and worry when the lights go " blinkity blink." =) I had called Ford and they told me it has something to do with the "trans" but could not tell me any more than that with out running a test on the comp.I am trying not to spend tons of money on this car because it's old, and I want to get a new one, but need to get to and from work until I can get one.Is it most of the time something simple (like the comp.needing to be reset) or does this (normally) mean that the "trans" is blown? Sorry about all the babble! Can you help me??

Answer
Chanel-

  The problem with those lights is that it could mean your transmission is about to give up the ghost or it could be just a glitch.  Here's what I would do.  Disconnect both battery cables then put the key in the ignition and switch it to the "accessory on" position (the one that gives you the radio and whatnot but doesn't turn over the engine).  Leave it like that for about 15-20 minutes then pull the key out and reconnect the battery (you'll have to reset the clock and radio settings, but that's no biggie).  If there was a faulty code causing the light, that should clear it.  If the light comes back on you may need to take it to a shop.  Normally I'd say if it doesn't seem broken, don't worry...but transmissions are sneaky and they can have problems that go from nothing to complete failure in no time.  Hope this helps.

Steve