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What Klaus said ^^^. This is a fairly common problem. Search ABS in this forum. THe car is certainly drivable, just no ABS or traction control. Klaus mentioned Vic Rocha as a repair contact for the ABS module. I can offer a different source on the east coast, in Massachusetts. BBA-Reman.
http://www.bba-reman.com/uk/index.aspx. I used them when the ABS module went bad in my 2001 V70. THey offer 3 levels of service for the unit. rebuild yours, exchange yours, or ah, I forget. But, They have very fair pricing and great service. I delt with them over the phone and was very pleased.
hth
-Keith
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