chip problem?

key guys, hopefully somebody has an answer for me. my problem is that my car seems to lose power at any given time going at any speed. for example, i'm going 65mph, the speedometer will suddenly drop to zero, the rpm's will stay accurate and the car will act like it's in neutral. i'll step on the accelerator, the mph will stay at zero, but the engine and rpm will rev. the car will then suddenly seem to jump back into gear, the mph automatically go back to 65. this problem lasts about 5 to 8 seconds and sometimes will occur a couple times in a twenty minute drive or not at all. the car just seems to die, but with everything working except the speedometer and the accelerator. also cruise control surges when set so i don't use it. my 00 has 32,000 miles with an automatic, a diablo chip, and a full bassani exhaust. the chip and exhaust were both installed at the same time approx. three yrs. ago. problem happened maybe once or twice last year, but happens all the time now. any help will be greatly appreciated. thanks, mike

well, i pulled the chip and went for about a half hour drive. the speedometer still drops to zero, but at least now it will accelerate instead of a feeling of it being in neutral. i guess i'll try cleaning it and put it back in, but if that doesn't work i'll just say goodbye to the chip and live with the speedometer dropping. of course when the speedo drops it kicks off the cruise control. and since my gt is 4yrs old and ford has a crappy warranty (3yr 36k) i'll probably do without their sometimes unknowledgeable service. thanks guys. mike

i live right outside of springfield.
well, i thought it was a chip problem because when the speedo suddenly dropped to zero and i step on the gas the car wouldn't go. it would just rev as in neutral. now with the chip out and the speedo drops the car will now accelerate.