My 2000 GT just started showing the ABS light every once in a while. I notice when the ABS light goes on, the TC goes off (and you can't turn it back on)
The ABS controls the traction control/anti lock brakes you need to have it checked out and find out why the light is coming on.
Traction control is when one wheel/wheels starts to slip the brakes are applied to prevent a loss of control.This is why you cant do a burnout with the T/C on.
you may have already checked this but did you check your ABS sensors on all 4 wheels? the sensors are magnetized and over time brake dust and small metal shavings will stick to them. If so try spraying brake cleaner on a shop rag to clean them off.