What do you think this may be?

[Zoot531 at aol.com]

Listers,

  I've got two quandries for you.  First of all, as of 2 days ago, my car began a rather disturbing brake failure symptom...  When slowing to a stop, about 50% of the time, the car will brake normally, and the other 50% of the time it will seem to be braking normally and then it feels like the brakes "let go"  as in ..."lose massive clamping pressure" and then regain it again.  Also, this happened the same time that the anti-lock light came on.  I've tried fooling with the antilock switch...no help.  Needless to say, this has prevented me from driving anywhere, not a big fan of rolling through red lights.
    Second problem seems is that there is an occasional very bad "muffler dragging" noise coming from the left rear wheel, but only once in a while.  Actually sounds just like a dragging muffler and is modulated with the wheel speed.
  I'd appreciate any input for either situation.  My first thoughts are perhaps a bad brake bomb and a toasted wheel bearing?
Any ideas?

Many thanks,
Adam Chinchiolo
200q20v sedan - - - possibly angry at me for not buying it a Mihnea chip.