I have a 1994 F-150 and am having some electrical issues. A few weeks ago I was driving and noticed a burning smell coming from the steering wheel area and now my horn and cruise control is not working and also my airbag light is now flashing. It flashes 3 times, pauses and then flashes 2 more times. I heard there is a recall on the cruise control component, would this by chance to do anything with my problem?

 

The clock spring behind the steering wheel most likely.

 

I second the clock spring... my 94 did the exact thing horn, cruse, 3 flashes.
If you fix it yourself be very careful with the air bag.