That is exactly why. here's the suggested diagnosis route: Check the brake fluid levels, then check your plugs and wires for the abs sensors at all four wheels, then the sensors and wires at the master cylinder under the hood, then pull the sensors and clean them. if that's not any of it, then I would suspect you have damage to sensor or tone rings due to parking brake failure...that's what happened to me.
this is quite common, though mine literally exploded, usually it's as simple as the pads de-laminating from the shoes and damaging the sensor. The most common cause is a broken wire to an ABS sensor or low brake fluid/bad sensors on the brake fluid res. check levels, wires, and clean the sensors first as they are the easiest to fix and this costs nothing to check and clean.
However, you should be able to engage 4wd... several people have told me that it doesn't work, but it does, it worked for me for almost a year every time.
Turn off the truck completely in park, wait ten seconds, turn selector to 4hi, start truck. It should engage.
same thing for returning to 2hi,
4lo same thing, but in 'N' instead of 'P' both ways.
Also be very careful with the brake pedal on loose surfaces and slick roads, as you do not have ABS and can very easily lock up the brakes until it's fixed. However, other than that, you can drive it without issue.