If the ABS module has not been replaced by the previous owner, check out Victor's web site - it's listed in other ABS problems on this board. Remember, if the ABS light comes on, your brakes will still work, just no anti slip stuff.
Find an Autozone near you to read and clear all of the codes. Then when the CEL comes back on, check the code and figure out what you want to do to fix it. The dealer might charge you $10 to do the same thing, but he will scare you into having it fixed immediately. Most CEL warnings are for emmission related problems and have no bearing on engine life.

Klaus
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98 V70Rawd(101Kmi), 95 854T(85K mi), 88 245(165K mi)