Master cylinder failure.
where is it leaking at
Replace the leaking part
Check the "Related Questions" below to see if your problem is related to a leaking brake pressure switch - causing a range of problem, including the #10 fuse blowing.
Start with the vehicle speed sensor the feeds the speedometer and odometer.Also look at the Brake/Speedometer problem associated with the Windstar recall for a leaking brake pressure switch
You have a serious brake problem. For your own safety have the vehicle towed to the garage of your choice for repair.
When a brake line is leaking on the Chevy Venture the brake line should be replaced as soon as possible. A leak, however small, can cause hydraulic fluid to escape the brake line which will cause a loss in brake pressure. The brakes should be bled of air after the new line is put in to remove gaps in brake pedal pressure.
The brake booster is leaking vacuum pressure. If you look under the hood its black and round and located behind the brake fluid reservoir
cruise control switch
I had this problem on a 94 Bonneville after we had fixed the brakes. After I disconnected the battery and reconnected the light went off and the dinging stopped. Not sure if this was related or just coincidence.
leaking wheel cylinder
One reason: Leaking master cylinder resulting in brake fluid leaking onto the braking mechanism, causing a failure to grab and then excessive grabbing as the pressure on the brake pedal increases
Brake problem. Remove the rear wheel & brake drum, and inspect the brake components. You may have a leaking wheel cylinder or other problem. Also inspect the wheel bearing.