American Motors: Brake Diagnosis 77 cj7, wheel and tires, disc wheel

Question
Kevin,
I just purchased a cj7 on ebay and having purchased and owned another
years ago, also purchsed on ebay, i didn't hesitate.  Well, luck caught up to
me this time. The seller totally misrepresented the jeep and has left me with a
series of problems to diagnosis and repair.

The first and highest priority is making the jeep stop.  Currently the brake
pedal travels to the floor with no resistance.  The brake is power and does
have the vacume booster.  The brakes drag lightly, enough to hold jeep still
in DRIVE, but unsafe drive. There is fluid in the master cylinder reservoir.  I
also don't hear any sort of vacume leak or hisssss coming from the master
cylinder.  All wheel cylinders look clean around immediate area including
drum/disc, wheel and tires.

I'm not sure what's happening here.  Please help!

Answer
Lonnie,
Good idea to go after the brakes.
Does the brake pedal come up if you pump it? It should.  
If there is fluid in the master cylinder, here's what I would do:
1) remove the wheels and inspect the brake pads and shoes. If they are worn, replace them. Inspect the rotors and drums for excessive wear, too.
2) Bleed the brakes. If you've never done that before, find someone who has. Watch how the fluid sprays out of the calipers and wheel cylinders. If it doesn't spray out with a good amount of pressure, you might have bad calipers or wheel cylinders. Also, is the brake fluid real dirty looking? It could be old enough to be contaminated with moisture and should be changed.
God luck and let me know what you find.
Kevin