the clutch disc is bad... i had the same problem with my '01 SS. The splines (that slide onto the input shaft) inside the clutch disc itself spin. When you apply throttle the load of the rear tires causes the splines to slip, making that horrible noise. Under light acceleration you can get the car to highway speeds, (i drove mine home from freehold like that) Ask the dealer for the old clutch disc, then look at it on the inside of where the springs are, i can bet you they will be shiny and show wear as if the were worn away by something. I didnt take mine to the dealer when it happened(@10k miles) since i pretty much knew it was clutch related and not mechanical, so the dealer would say "I wore it out", I installed a SPEC stage 3 the weekend after it happened and now, @53k miles, that needs to be changed soon again, 43k miles isnt bad for a racing clutch, lol
