cruise control has nothing to do with that. You were going too fast for the weather conditions and when you hit the puddle the tire looses grip with the road and goes on top of the water/puddle, causing you to lose control. It's called "hydroplaning" (sp?)
Righto. Cruise control has to do with the throttle, not the brakes, not the wheels. I wouldn't recommend usage in any slippery conditions because cruise control doesn't give a shit what's happening under the tires, it just keeps the throttle steady where you set it.