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Is it factory (on the steering WHEEL) or dealer add on (on the steering COLUMN)? If it's the latter get underneath and check all the connections, especially the speed sensor. My dad's 04 with the dealer add on cruise was having the same problem. They only butt-spliced the wires together and didn't even tape up the connections. A little solder, some shirnk tubing and about 20 minutes and all was good once again.
Then you may want to check the brake light switch, and the switch in the master cylinder for loose or broken connections. Also check your taillights make sure you have two good bulbs in there and they're installed correctly.
Pfogle was right on about the speed sensor... not that ford is having any PROBLEMS with speed sensors lately... I'm too lazy to look, but isn't yours on the recall?
According to the recall notice I just got, the 1994-1996 E-150/250/350 and 1996-2002 E-450* are all subject to the infamous flaming cruise control switch recall
(*including motorhome applications).