The other day when I was driving my 99' stock v6 5spd mustang I wanted to just mess around and started from a dead stop and shifted at high RPM's(around 5k) every gear stopping at 4th and I noticed when getting up in these high RPM's my engine was making regular noise but ALOT louder and my tranny was making a whinning sound.....I was thinking this was all normal since the high RPM's were making much more torque and horsepower, am I right on this, or is there a problem? Thanks.

 

It's ok to run high in the RPM range. But if you drive your car like that a lot, it's a good idea to run good quality synthetic fluids and change them more frequently.
I have an auto trans and I sport shift it 90% of the time. I shift at around 6K when I'm racing around because my power band is in the high R's. But I also change my trans fluid and filter once a year, my oil every 3k and my rearend once a year all with Mobile1, which may be over kill, but it gives me piece of mind.

 

+1 to booze