Were there any other noises or anything? It could be a coil, ignition control module, or many others.
What noises come form the cruise control? I don't think the cruise control could be causing your problems but if it arcing from that area it could be something else. I don't know how to check the coil. Anyone?
1985 Mercedes 500SL Euro (Gray market)
1995 BMW 520i Euro (Gray market)
1992 BMW 525it Wagon
1994 Honda Del Sol Si