Yep, had that same thing happen to me in my 92 ranger...twice! First time was my rear brake supply line. Luckily it happened while sitting in a parking lot and wasn't moving. Plus i was only a block away from my home. So i limped it back home and replaced the brake line.
Second time it happened i was coming home from CF2k5 in Indianapolis. I was going about 70 - 80 MPH down the freeway and had to brake coming up behind a semi and i couldn't switch lanes yet. One of my rear brake lines burst at that moment. I didn't hit the semi or anything. And we quickly pulled off into a weigh station on the Ohio/Indiana state lines. We clamped off the rear brake supply line and i was good to go again. Only this time i kept it at a reasonable speed the rest of the way home.
Here's a pic of the leak:
