The ABS light is most likely a bad wheel speed sensor, but it could be something more sinister and costly like a bad ABS motor/module. An ABS capable scan tool will be able to narrow that down for you.
The brake light may be a bigger concern. Since you say the car stops ok, I'd start by checking the brake fluid level float in the master cylinder reservoir. Many times, they get unplugged or gunked up, causing them to trip the warning light. Low fluid level, and low system pressure are the two reasons the warning lamp will come on. If there is a leak in the system, you could end up with no brakes when you need them the most.