Check engine light came on today, had it read at oreily's and they are telling me it is the govenor loss of pressure. How do i go about fixing this problem??

 

What exactly was the code? Sounds like the governor pressure sensor and/or solenoid in the transmission. It's fairly easy to replace those two items, drain the pan and remove. The two parts will be right there. Just make sure you get the correct one for your year of truck, they changed about '98, IIRC.