There should be at least 5 abs sensors:
One for low brake fluid------- check master cylinder for low fluid, if it is low( use dot 3 brake fluid ) to fill it.
The other 4 on the back side of each wheel called wheel speed sensors ( which are tied in with abs system).
To really pinpoint the problem, an abs code scanner should be hooked up to it, that would tell what is causing the light to come on.
I think advanced auto parts store or auto zone check it for free (if there is one near you) otherwise some places charge $80.00 to $100.00 for 30 seconds just to retrieve the code.
As far as the cruise control, it could be a vacuum problem or accuator problem, etc. Without testing it's hard to say.
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