First thing I would check is the ABS reluctor rings at the front. They are prone to corrosion and they expand and crack which sends the ABS system wacko - the cruise control is linked to this as well I believe.
Get a torch and get under the car , look inside the back of the front hubs where the driveshaft goes through the hub carrier and you should see the castellated rings. If they look rusty/uneven/gunked up they will likely need changing. Not too bad a job, you can buy the rings for about £20 on ebay and a couple of hours to change - how to videos on Youtube.
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2006 S60 2.4D SE
1997 TVR Chimaera
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