Engine revs but car wont accelerate?

I have an automatic 1999 mazda 626 i was reving neutral idle without moving and shifted to drive at 3000-4000 RPM's (dumb i know) and it messed things all up it started off it would be sluggish in automatic's first gear and not accelerate for a couple second and grab the gear and finally move now its gotten to where it doesnt accelerate at all bu tthe engine rev's... whats wrong with this car? is it the troque converter?