Urgent!!! Braking problem on my 99 mustang

I recently replaced the rear Calipers, pads, and rotors on my 99 3.6 V6 Mustang. Base model. Now there is a loud noise coming from my back right wheel when i start driving that stops when i hit the breaks. The noise sounds like something rubbing and it seems like the rotor is getting super hot. I imagine it could be the brakes are hanging up I just cant imagine why. I bled brakes, brake fluid is full, and everything is lubed and tightened... ANY IDEAS!?

You have to turn in the piston to adjust the emergency brake.
http://www.autopart.com/tools/toolsmain/tool/T_1466.htm
http://www.autopart.com/tools/toolsmain/tool/T_1455.htm
These are pictures of tools to do this if you do a lot buy the good set. You can get by with the cube but you have to push hard. Most parts stores carry a set of tools. Auto Zone or Advanced may loan or rent them.

I dont understand what that means... I didnt recconect the emergency brake as the left side has a broken cable. I just disconnected both of them. is that the problem? Could you explain more? I was told i could just not recconect them.

He means you have to screw the piston on the caliper clockwise to reset it back into the bore. If you were able to put the pads and calipers back on and didn't force them, then you should be all right. Otherwise, you need to back off the parking brake.