Wow, this is a new one on me. It really sounds like your emergency brake cable is froze up. I doubt if it has anything to do with your "traction control" acting up.
Just to be sure, jack up one side of the car and try spinning the wheels. If the rear tires won't spin but the front do, it's probably the brake cable.
With jack stands under the car, take a wooden stick and try beating on the cable housing to free up the cable.
If the front tires don't spin, then I'd say the traction control or anti-lock brakes have gone wacky. Maybe pulling some fuses will free it up.
Worse case scenario, your differential is locked up. But I doubt that.