Earle Horton did pass the time by typing:
> If water and oil emulsion (i.e. what Mike is calling "foamy") is in the
> torque converter, then you will have to change the fluid, run the engine
> some, and then change it again, to get all or most of the water out. The
> torque converter holds approximately half the fluid in the transmission, and
> as far as I know there is no convenient way to drain it. It would be
> helpful to have a mechanic, who knows by sight and feel, the difference
> between water and oil emulsion, and foam caused by overfilling. The foam
> that Bill is talking about, is air in oil, and should go away as soon as the
> proper amount of fluid is restored.

The only good way to clean it all out is to remove it and compleatly drain
the torque converter.

If it's water then draining is the only way.
http://www.quality-trans.com/faq/faq6.htm

More reading
http://autotechrepair.suite101.com/article.cfm/040206

--
DougW