I drive a 2001 toyota 4runner. While I was driving I noticed that there's a "Trac off VSC off Check Engine" being displayed on my dashboard. I didn't see or notice anything differently while driving. What seems to be wrong with my SUV? Is this related to a transmission problem? How much does it cost to have this repaired? Please help.

Since it is turning your traction control off I would have to say yes it is something in the transmission. Unfortunately there is no easy way to troubleshoot this out. Check the transmission fluid levels to make sure they are at the proper level. If that is good you are left with having the transmission checked at a shop. This may not require a rebuild but it could certainly be expensive none the less. This could be a bad sensor in the TCM or a bad solenoid inside the transmission or differential. Either way it will require specialized test equipment to diagnose. A Transmission shop, one of the larger ones not a mom and pop operation, will have the computer test equipment to rapidly test these and narrow the problem down.