From the Cummins side of the fence...

If you got a BRAKE/ABS light with a P0500 code is a speed sensor code. Usually from a mis-match reading from the sensor typically from spin your tires. But if the speedometer is working fine its a front sensor (if AWAL compared to just RWAL)

But typically I would check for codes first before I would start jumping to replacements...

 

There's no fwal on 95s. Just rwal. The rears are probably out of adjustment so much that it won't make any difference anyway. There's not much to the rwal system. There's a sensor on the top of the pumpkin. The connector could be cracked or a wire has shorted or a fuse is blown. I'd start with the fuse and then check the connector and wires.

 

The brake light being on means you have a bad combo valve. Its under the master cylinder.

the abs light means you have contaminated fluid, low level, air in system, or the ABS module has gone bad.

 

There definatly is fwal in a 95 ram. Ive got it.

 

Hmm, maybe it was just on 2500 and 3500 or a package then. Mine only has rwal.

 

When those 2 lights came on on my '97, the problem was a smashed rwss plug on top of the rear diff. Bought a new harness, plugged it in to the connector which wasn't damaged, and all has been well since. Alot of stones/debris can hit that plug and damage it.

 

on my brother in laws 99 and my 2000 the rear wheel speed sensor (on top of the rear diff) being bad made the abs and brake light come on and the speedometer didn't work till i hit 20mph. there was no physical signs that anything was wrong either. changed the 45$ sensor and it fixed it. it was messed up too, he got hit by it, then 2 weeks later it got me. and i was the one that researched it and got a the fix for him. so when it happened to me leaving work i detoured to the parts store and swapped it when i got home, so i only had the problem for about 20 minutes.