I have a 1995 dodge ram 1500 SLT.

Let me tell you the extent of the entire 5 min event:

First, I turned the truck on after maybe 1 month of inactivity (I use the truck rarely, usually for picking up stuff at home depot, even more rare is using it to drive to work)

When I took the emergency break off (i activate it when I turn the truck off and get out) and then put the truck into drive, I notice the truck didnt start to move, usually the idle makes it move a little bit. I hit the gas a little and it finally started to move, but first it jerked as though it got un-stuck from something. I was told recently my transmission fluid needs to be flushed; so maybe this has something to do with it but maybe the breaks were stuck; i dont know.

As I was driving to the stop light at low speed i applied the break. Nothing was wrong so far but then all of a sudden the break paddle felt like it lost pressure immediately and it felt as though the breaks loosened up. The breaks still worked but I came to a stop a little further than I was expecting. At the time I was anticipating that the truck was going to continue to roll into the street.

The breaks do work, but feel very loose compared to what they felt like before. Further more, the break light is on (usually this is on when my emergency break is activated) and the ABS light is on.

What could be the problem? Better question, what do I start to check?

I doubt the break lines are busted, because if they were (like a burst in the line) the breaks wouldnt work at all right? I'm not a car guy though, so please tell me if my assumptions are wrong.

 

Losing fluid? Popped break line.

Otherwise, I'd say your hardware kit rotted and fell apart. When was the last time you had your drums off?

 

Okay: Your assumption is wrong. The brakes are configured as two circuits, one front, one rear. If you lose one, the other remains functional but the pedal will be very low and your braking efficiency gone right out the window. If what you felt when it went was normal/almost normal, then a quick almost effortless fall toward the floor, then a solid pedal, you have lost one circuit.

Whether that failure is in the master cylinder, proportioning valve, a blown line, or a failed cylinder (wheel cylinder or caliper) is what you then need to determine.

 

Check the fluid level in the Brake Master Cylinder reservoir. If it's low, start looking for leaks.

After a month you should have some amount of dirt/rust on the brake rotors/drums. If the brakes are not functioning, that dirt/rust should still be there. Check the rotor and drum surface, it should be clean and new metal wherever the brake pads/shoes contact it. While the wheels are off, inspect the rubber brake lines for swelling and cracks (and leaks obviously).

Check the rubber hose from the brake booster to the intake manifold. Make sure it's connected and the rubber is in good shape. It's possible a mouse, rat, or squirrel got busy in the engine bay while it sat. If the booster fails, you can still stop, but it takes a helluva lot of foot pressure to apply the brakes. The idle might go higher too is there's a large leak in the vac tube.

 

Also check the main brake line that goes over the gas tank they are known to fail.
And in addittion to what AIM said
To do a quick brake booster check. With engine off pump the pedal a couple of times it will start to get harder to push.
now keep foot on brake pedal and start the engine, the pedal should start to compress.