Although you would probably like to hear that there’s noting wrong with the transmission that a couple of new quarts of Dexron and a new filter wouldn’t cure, that’s not what you’ll likely hear about this transmission if you take it to a transmission specialist.
It is more than likely that you will hear that not only is the transmission fluid gone (transmission fluid, being organic, wears out over time and loses not only its lubricating capability but also its cleaning capability) but also that the torque converter is shot, the clutch packs are gone, the bands are gone and the gearing is shot. That’s not all, it is likely that you will find that the output shaft is shot and not meshing well at all with the differential. Quite possibly, you will also find that the valve body may need work (the check valves will likely need replacement as the light springing used to help them do their jobs is probably worn out) and that one or two control module solenoids could be shot.
If it sounds like this will mean a complete transmission replacement it is only because the transmission is shot. It does happen. And, frankly, since the Ranger is now 17 years old and likely hasn’t had much, if any, transmission work done, then it stands to reason that the transmission is gone. If it had had regular maintenance, actually, it is not likely you would be asking this question.
Since you are asking it, it is likely that, as was noted, the transmission is gone. The good news is that the Ranger is a fairly common truck so you should be able to find a replacement transmission in a salvage yard. The not-so-good news is that you may only find transmissions with high mileage on them so you may just be compounding your original problem.
If, however, you find a replacement transmission that is in good condition and it tests out as okay, then grab it and you will save maybe as much as $1,500 (the cost of the replacement and installation will be about $1,700 or less). If you the transmission doesn’t check out as okay and you have to install a rebuilt transmission you are going to look at a $3,000 investment.