I agree with the other posts.
First: Do not drive the car until this is fixed. You will NOT save money by wrecking your car and maybe putting yourself in the hospital.
Second: if you're going to do the work yourself, get a how-to manual. Brakes (and steering) are safety-critical systems; if they fail they put both you and those around you in danger. Don't pull an "I didn't know it was loaded!"
Your vehicle is 14 years old. During braking, some components get hot enough to smoke. This is plenty long enough for brake cylinders to corrode, seals to fail, and calipers to seize. Have you ever changed the fluid, replaced brake discs and pads, turned the rotors, etc.?
Components likely requiring replacement due to age (to save $$ you can go for rebuilt components):
- Master cylinder (corrodes, seals fail)
- Wheel cylinders (corrode, seals fail)
- Disc brake calipers (corrode, seals fail)
- Drum brake pads
- Inspect hoses
- Disc brake springs (the heating / cooling cycle from brake use causes them to lose their temper and fail)
- Fresh brake fluid (clear). If you see dark or cloudy fluid it has absorbed water and that causes corrosion
- Brake-bleeding kit