The 500HO/550 has a known problem with the nut tightness on the primary clutch. Thou this was on earlier models.
Dealers where told to remove the nut lock tight it and re-torque.
If not done correctly the hat has a chance of misalignment and the hat and washer would not lock on to the clutch spline.
Or it could be the output shaft
Or it could be the Rear Diff.
Were you in 4x4 or 2x4?
Could you move it while in gear?
Really without seeing it is hard to say, but I am leaning to the Primary clutch hat, Next would be Outputshaft, then rear Diff.
I did see a rear Driveshaft strip out the splines. So anything is possible.
Keep us posted.