E-brake light came on and the brakes went out!

i know this isnt the firebird forms, but it takes to long to get a reply, and you guys are the best at answering problems. yesterday me and my brother nearly rammed into a bunch of cars in his 86 TA, we came up on a red light and i 'put on the brakes, then there was a loud pop and the car kept on moving. i was going 55, and i didnt slam on the brakes, just gradualy easing it on. i looked down and the emergency brake light is on and it wont go off. the car does have brake power on the front, but its only enough to squeeze the pads against the rotor, but doesnt slow it down. i havnt got to check it out yet, it does have brake fluid in the master cylinder. but the car has 4 wheel disc brakes (dont know if it helps you guys).