I drive a 1994 F-150 with the 4.9L engine 2WD regular cab.
I entered the highway going about 60 and then I hear what sounds like a lot of pressure being release somewhere then I start getting a buzzing noise coming from under me. I look under truck and I see some lines from the transmission dripping with some kind of fluid. I dont know if its oil or tranny fluid but its dark like oil and smells kinda sweet. I know I need to replace the head gasket and the pcv valve. I have no clue what is going on with it.

 

Sounds like you blew a transmission line to me. Can you see any damage to the line where it attaches back to the tranny?

Then you gotta figure out why it blew.

 

I cant see any damage do you think it would be the vacuum line or the cooler lines?

 

I did notice a dark colored liquid when I parked it but I dont see any pools under my truck

 

Fluid leaks can be a pain. It depends where on the transmission lines you found the fluid. I would check the transmission fluid level first thing. It's all about finding the highest point with fluid leaks. Trace it up as high as you can and try to take into account any air that may be blowing it back.

When you say it smells sweet, I think antifreeze. It has a definite sweet smell when hot and getting on exhaust components. Trans fluid just smells like butt to me, but maybe my sniffer is broke. That makes me wonder about the head gasket you mentioned. You could try wiping it down, then run the engine while you watch for leaks.

Chris

 

The buzzing sound is most likely a check ball/valve in the transmission.

I chased that problem in my 94' for many many years only to discover my truck had ground problems.
Clean off all your ground points till shiny, and check your battery cables.
Replace them if they're at all questionable.
The 4.9's are EXTREMELY dependent on the block ground on the starter to ground the drivetrain/engine.
The E4OD has been known to blow the front seal due to overheating.
I'm quite certain the temprature sensor in the transmission isn't reporting the correct operating temprature (due to poor grounding) to the PCM and probably allowed the transmission to get a little too warm........thus taking out the front seal.

Just my thoughts........and only my thoughts.

Bob