Strange miss problem, need some help

I bought a 1999 Cobra mustang a few weeks ago. When I test drove it I felt what I thought was a miss when I was driving it. Now I am not sure if its a miss but something more like a bad connection somewhere. What happens is when I am drving and the RPM's are around 4-5k and I am driving "spirited" the engine sometimes cuts out for a moment and feels like a complete loss in power for a moment. Also when I feel this happen and I take my foot off the gas the engine regains it self and runs just fine BUT if I keep my foot in the throttle the engine shuts off completely and then I cant start the engine again unless I turn the key to the off posistion and then back on. It generally happens at higher RPMs but has also occured once of twice at lower speeds. Something to consider, it normally happens after shift as the RPMs start to climb. Also not sure if its related but the ABS light turns on sometimes and the traction control doesnt work when its on, could it be a bad traction control unit? Also there is no check engine light. So I have no idea what it could be. Any ideas?:shrug: