HELP! X5 instrument electronics suddenly goings crazy and transfer fail safe message

[ArNarX5]

thanks for the reply. I just took it for a drive and the ABS, Tract control and Brake lights were all on in yellow, but no trans fail safe program error. The car drove beautifully for about 11 miles and then the speedometer stopped working, then within 5 seconds or so the tachometer stayed idle at 1k where it was definitely at higher rpm and then like clockwork I saw the rpm gauge drop to zero, while the temp gauge jumped to red, while simultaneously the gong sound went off and the cluster displayed trans failsafe prog. I stopped and sure enough the car was stuck in 3rd gear again. I was about 5 miles away, so I gently babied it home, but realized that the gong sound would come on while I was traveling approx. 30mph or so and then the rpm would jump up to 1k, the temp gauge would drop down to normal and the service engine soon would light up but then the gauge would jump back up every time I would slow down the gauge would go to red and service engine would turn off. All in the same sequence, over and over about 10 times.
I have the bmw scanner 1.4.0 tool but it's not anything like a pro tool. When I tried to hook that up, it said communication error with IKE.

I'm guessing it's speed or temperature related, but what can it be.
I will do the voltage test from the dash as you mentioned and report back.

thanks again for the input.