I have a 1996 F-150 with a 351. My ABS light comes on about one minute after cranking the truck and now my cruise control does not work. Does anyone have any ideas? Oh yeah, I'm getting some pretty bad dieseling during accelaration. I can fluctuate my foot a little and stop it. Its got me confused. I do know it is not an exhaust link. It is definately. the "PING".

 

Pull the ABS sensor out of the top of your rear axle and see if it's covered with metal filings. If they're large enough to see the individual particles, you have a serious problem. If it just looks like fine black mud, it's OK, but you should change the oil.

Look at this pic.