Same thing happened to me on my 2000 silverado July 3, 2009.
There is a release next to the parking brake pedal. You have to reach way under the dash but it has worked for me for the last month. I have the part to fix it but haven't had the time.
You have in your hand the pin dowel that holds the cable, , Or, the the cable broke and that is the T on the end of the cable.. If the p-brake cable has slack in it, Back up the vehicle. That should release the brakes at the wheels. good luck.
Use a plier to pull cable to release brake. You most likely need to replace entire e-brake handle assembly.
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