I've seen this happen before. Take off the belt, it could be a seized bearing in the idler, tensioner, alternator, water or PS pumps. Unbolting the TC from the flexplate will narrow it down to the engine. Start with the belt. If a bearing in an accessory is seized the engine will turn over until the belt is stretched to it's maximum, then it will screech/squeal and seize. Start with the easy stuff.
