Loss of Brake and Brake Light on Dash

1. Make and Model of your car -Chev S10 4CYL
2. Include the mileage - 110,000
3. Stick shift or automatic transmission - Auto
4. 2 or 4 wheel drive - 2WD
5. Strange sounds N/A
6. Fluid leaks N/A
7. Past repair history if applicable N/A

Recently brake pedal went down quite a bit before brakes grabbed. A dash light went on saying "(!)BRAKE(P). The brakes do grab but now there is alot of play in the pedal. The dash light, as above, stays on.