Not sure what I did

[phoonerorlater]

Well I was out today and decided to give my ty a good launch since I havent felt it in a while. Well I get into second and about halfway through second gear I hear a horrible crunching/grinding noise so I get off it quick. The check engine light came up and I got a code 35 (IAC valve) and now the truck won't shift to third gear and sounds horrible going over 20mph. The oil pressure dropped a little bit too. Anyone give me an idea of where to start?

 

[turbodog]

1. do a compression check. Look at the plugs while they're out.
2. drain the oil, check for metal, drain the filter, check that for metal, too.
Sounds like a possible spun bearing.