1994 Explorer: Rear brake-line pin-hole leak repair?

I recently (today) bought a 1994 Eddie Bauer with 152,000 miles on it.
The vehicle looks good, and runs well. Unfortunately, after about 40
miles of driving it around town while slowing for a stop-sign, the
brake-pedal suddenly hit the floor. The backup system worked as
expected though, and I didn't rearend the old lady ahead of me.

My problem is a pin-hole leak in the steel-pipe on the left side of the
chassis that connects to the rubber-tube which goes into the rear-brake
manifold. It looks like the area on the pipe is a good candidate for
standing-water corrosion, and I'm somewhat releived that the damage is
reletively minor and "easily" accessible (a bitch to get at, but it's
highly visible). I attempted to seal it with some rubber and a
pipe-clamp, but the braking-pressure is much too high for this method
to work, and when I brake, the fluid just ****es out the sides.

Is this piping weldable? Is there a different clamping technique I
could use? Is a replacement pipe available, and is it easily
installable?

Thanks,
John