ABS could be an issue, but it also could be do the car being lowered. My ABS light comes on when it wants too, but does not effect the way the brakes work. It is also something that just started with my 96 sedan, so will be looking into it soon, but I wouldn't worry too much about it right off.

As far as the CEL, I have to agree with Lynxs1981. . . you should have had that checked before you bought the car. . . It comes on for various reasons and some not too serious(mine comes on every other day, because I'm running too rich, but I turn it off with my scanner), but if you don't know why then it could be a serious problem, should really get it checked out. . .