I have a 94 z28 A4 . When I put it in reverse, it takes about 10 to 15 seconds just to engage. After it finally engages, I can barely push down on the gas or it slips really really bad. I can't even back up with the front wheels turned very sharp. Other than reverse, the transmission acts perfect. Drive never slips and shifts through all the gears just fine.

Is there anything short of a rebuild that could correct this problem?

 

Check to make sure your fluid is at the right level...

Other than that...

At least it's reverse. I could probably go without that for a while. I'd save up for a performance rebuild from a reputable place. In the meantime, if it goes out, you can park on a hill, park so you can drive straight out, or if all else fails, just push the sucker out if you're not easily embarrased by the condition of your car.