Do not drive the truck until your brakes are functional - it is dangerous to you as well as other drivers. Bleeding the brakes is easy; you'll just need a friend or neighbor kid tall enough to reach the brake pedal to help (trust me, if I can do it anybody can). Use Dot 3 - you will trash your brake system if you don't.
Here is one how to online - the basics are pretty much the same for your truck:
http://www.mustanghut.com/techBrakeBleeding.asp or try
http://www.teamscr.com/brakes.htm Once your brakes are bled, monitor your fluid level for several days. With an older truck, it is likely that you are going to have fluid leaks, especially from the brake cylinders. If you are losing fluid - see if you have little puddles under any one or more of your tires. If so, start the cylinder rebuild on that wheel.
There are a number of guys here who can walk you through that process. There are also a number of good books that can help you get started. Brake maintenance is a good place to start learning about your truck. The systems are pretty simple and can be tackled by the hobbyist in his garage or driveway.
Take care, and keep asking questions!
