I heard here locally that F-150 2000 models catching on fire while the truck is turned off. Something about the cruise control. Let me find a link.

Here's this one:
http://ford_news/2000-2001-ford-f150...rol-recall.php

and this:
http://www.usatoday.com/money/autos/...sa-probe_x.htm


What do you all think of this?

 

pretty well known issue now.
Quite a bit about it in the '97-'03 forum.
From what I know, it appears to be a design flaw. I believe the cruise control brake sense circuit always has 12 V applied, even when the key is off.
The sensor is located so that brake fluid can get into it. The switch or relay (can't remember) can overheat and cause the brake fluid to smolder and/or catch fire.
One big problem is that such events occur when the vehicle is off and (in some cases) parked inside a closed garage. Things can get ugly then.