i have a 95 ram 1500 with the 360 and 87k miles. so, i was driving with cruise on the other day around 72mph, cruise jumps up to 75/78mph. i hit the button to deaccelerate and then my rpm's jump a thousand, i drop speed to 65 and my O/D off light is on. so i take it out of cruise and press the button and it shifts back into O/D. drives fine for 45mins to an hour. then im doing 75mph without cruise and the tranny shifts out of O/D and the light comes on. i press the button and it shifts back.
am i looking at a busted switch here? or is it something else?

 

I would change the switch ....they are cheap at a boneyard.

 

Something similiar started happening to my dad's 99 ram, it would kick out of O/D like that, but his trans temp light would usually come on too... He took it to a trans shop and it turned out to be a broken O/D unnit in the trans, and required a rebuild. His is a 2wd and is in mint shape with low miles, although it was used primarily to haul a 5th wheel travel trailer so that may have had something to do with it. I hope yours isn't as serious