Cruise and traction aren't strictly related. Which do you have, traction control (spinning wheel), or AdvanceTrac (wavy lines)?
What do you mean by you can't turn traction control off? You do understand that when the light is on, the system is off? Are you sure that it's not that you can't turn it on (light goes off when it is on)? If it really is that you can't turn it on, then you need a Ford specific scan tool that can read the ABS codes to know where to look for the problem.
Is your ABS light also on?
It is possible for just one circuit of the clockspring to fail (first, anyway), but there are several other possibilities too. I had one of the cruise buttons itself to fail on my 04, so I had to replace the button pod. Since you have a gen I, you have the old electro-mechanical cruise module. It could have a fault, or the cable to the throttle could have failed, or the brake safety switch might be the issue. Again, a really good all-module code scanner could help to diagnose this.