Matt-welcome to the ABS/TRACS-light-on-club! Quite a few of us here are sailing up the river with you, so don't feel lonely. But seriously, your ABS control unit is "dying" or is already "dead". Have it checked out by you Volvo serv. dept. they may tell you about bad wheel sensor codes, but the utimate fix is that unit. the light goes on & off at will so don't be worried. the good news is, it shouldn't hinder your driving. Tracs only work up to 25mph and unless you drive hard in bad weather, the brakes won't lock up. Hopefully you're still under warranty, so that will cover the fix. And if you are under warranty, insist they repalce the ABS control unit,(and the wheel sensors if possible) cause odds are it WiLL fail at any time.

Good luck, Billy