It is functional indeed if you're happy to drive in second gear. Can easily go at 60km/hr. You'd obviously want to get it fixed, but other than the transmission (auto), it's in reasonable condition.
When it's in "D", it slips out of gear into neutral, but as I said, "2" is fine. I had a quote from a mechanic for a $400 fix. so for $500 all up, it's not a bad car.