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todays cars are much more complex and use a dual master cylinder. This way if you have a leak in say one of the rear brake lines, you will only lose hydraulic pressure in the rear brakes and still have the front brakes. the difference in pressure in the master cylinder will turn the warning light on though.
you can loose all use of them though if you leave your brake fluid in for too long of time. If your fluid is severly old and worn out, has too much moisture in it, the boiling point will be too low and you will lose all brakes. once the brakes start heating up, the fluid will boil.
get your parking brake checked out. You may just need to adjust it.
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