So my 06 Ranger has no power when I begin to accelerate in first or 2nd gear however the tachometer reads that the RPMs are up in the 2, 3 and 4000 range as they should be but I'm getting no power at the same time. Then something kicks in and I can accelerate again normally and it drives fine. The problem is not in the motor then I guess right?

 

Sounds like the transmission is slipping. Have you checked your transmission fluid level lately?

 

I haven't but I will. I also have a significant exhaust leak and it gets very loud when this power loss occurs. Could such an exhaust leak have anything to do with losing power?

 

Transmission fluid level is good, could there be another issue in the transmission?

 

What engine do you have in the 2006 Ranger?

I assume automatic transmission

The 2.3l Durtec engine did have a known issue with the IMRC(Intake Manifold Runner Control) system

This could show as lower power than previously, and get better as RPMs increased

IMRC is like a mini turbo, increases air pressure at lower rpms which gives increased power, if you lose that then you have less power.
It is often a simple fix, actuator arm has come off or vacuum hose/fitting is leaking

3.0l or 4.0l won't have IMRC