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Did any warning lights illuminate on the instrument panel? Is the truck in otherwise good condition or do you live where rust and corrosion are an issue?
Sorry for the delay I had to step out for a bit. If you have no reverse and it acts as if it is locking up after the loud noise this is a mechanical problem inside the transmission it's not a solenoid or electrical issue. It is a problem it happens with these high mileage transmissions on this particular year. It probably will be cheaper to replace a transmission with a good used transmission typically you can have that done for under $2,000 with no trouble. If the truck is an otherwise good condition it is definitely worth fixing versus trying to buy another one that you have no history.
Just to clarify, you are saying that the Truck Works in reverse and shifts correctly with no issues?
It still sounds like there's something going on in the transmission. Especially the noise appears to be coming from the center of the vehicle and not the rear of the vehicle near the differential area. I would check the U joints but typically once they fail you not going anywhere it doesn't come back.
USed is the cheapest $500 to $1000 a remans run $2500 and up. Have an inspection done first.
You are welcome.