Checked the brake fluid and it was between the max and min. I added fluid but problem still occurs although no visible loss of fluid as of yet (I only drove around 12 miles after adding fluid to the MAX point). Oh, yeah... the BRAKE FALIURE LIGHT has not turned on.

If it is the master cylinder, should I:
1) replace it and reservoir.
a) if so, can I go aftermarket or can you all recommend a place to buy replacement.

2) go with a rebuild kit (don't even know if I can for this car).

Lastly, it looks like a DIY job although the bleeding might be a pain (i've only got 2 jacks!) so any recommendations would be appreciated (I've got a Haynes manual). I imagine I'll need metric wrenches so I may have to go do this work at my parents' house (Dad and his excellent craftsman tools!).

Thanks,

One last thing, I do not think I have ABS (there is not large box in front of the driver side strut) but my master cylinder does have an electrical connection at the reservoir. The pic's I've seen at alloemvolvoparts.com and other sites seem to imply that my master cylinder is the one for the ABS models. Could this be possible? I do have an ABS light on my instrument panel although it never turns on (not even on starting).