Volvo Repair: 2000 T-V40 Arrow light blinking/car wont go!, shift override, silicone spray

Question
I pulled out of the bank and went to turn a corner when my arrow light on my dash started blinking and my check engine light came on.  I pressed the gas pedal and nothing.  So I put it in park and turned the car off.  It will not let me take the key out.  I turned the car back on, pressed the gas, nothing except the engine revving.  Put the car in neutral, then drive and it very slowly took off.  The light now went off but the check engine light is still on- won't let me take key out of ignition.  Something is wrong with how it is shifting.  Could my shift lock override button be stuck?  Would that cause this?  Bought car from auction have no owners manual and this is my first Volvo.  I am clueless as to what the problem is. I am afraid to drive the car- don't want to blow something!  Help!  Thanks.

Answer
Carrie, Its usually the PNP switch on the transmission causing this problem but what you need to do it have it towed to a Volvo Shop or dealer for them to scan the car to see what the heck is going on.  As far as the key, yes the shift override is stuck or the gear shifter is not all the way in park releasing the button. Lube the overide button with silicone spray and see if the shifter button releases.  Roger