Tons of smoke coming out of my right rear tire and it seemed like my tranny was having problems wen I let go of gas speed seemed to drop real fast

 

Brakes probably locked up. That would explain the smoke and the fast speed drop. More then likely not a tranny issue.

 

Sound like rear brake shoes locked up. You will need to replace brake shoes and drums!Or at least have your drums turned.

 

I have all disc brakes so will that b different then?

 

Sounds like the caliper is sticking or the e brake is hung up....Jack up that wheel with other wheel chocked and in neutral and see if you can turn the wheel if not you need to see what is causing it not to rotate freely.