Sounds like a faulty wheel speed sensor. Remove the ABS fuse until you can have a mechanic fix it. Removing the fuse will at least give you brakes but without the abs function.
you will need to replace the Kelsey-Hayes ABS brake box located on the left front inner fender
check the brake fluid reservoir and add fluid if necessary.
Either your parking brake is on or the BRAKE FLUID level is LOW in the brake master cylinder
Take it to a professional for repair. Your anti-lock brake system has a problem. This has nothing to do with your normal braking system which will still function. If you do not care that the ABS is not working, ignore it.
Have vehicle scanned to determine problem
Sounds like your brake switch is bad, it should be under the dash where the brake pedal comes down. It has a pin coming out the touches the brake lever.
If the " BRAKE " warning light comes on in your dash either the BRAKE FLUID LEVEL IS LOW in the brake fluid reservoir located in the engine compartment of your 1995 Ford Mustang or the parking / emergency brake is engaged
If the red " BRAKE " light comes on in your dash , either the parking / emergency brake is on or the BRAKE FLUID LEVEL in the brake master cylinder ( in the engine compartment of a Ford Explorer ) is LOW
check your brake fluid level and fill with brake fluid to the top of the master cylinder reservoir.
maybe it's time to get a new car.... ahh and mate.... you spelt "brakes" wrong....
It means there is a problem with either one that comes on.
Check your brake fluid level and your brake pads and or shoes for excessive wear. Or take it to the brake shop. Either way not a good thing.