P1740 code on 02 ram, help?

I just acquired an 02 ram 2500 with a 5.9L Magnum, and 46re auto trans. It has a check engine light on, and the code is P1740. If I interpret it correctly, the code means that the torque converter clutch lacks parity, which I am guessing means that when the converter is supposed to lock up it's not locking up 100%, so there is some slippage being sensed. I have driven it about a 100 miles, and it seems ok, but I don't want to make it worse, or more expensive to fix.
Please correct me if I'm wrong. This is my first experience with a potential lockup failure. Can any of you guys suggest how I should approach this? What are the most likely scenarios.
Oh yeah, it has 118k miles on the truck.