Joel,
Sounds like you may have a caliper dragging problem and causing the rotor to overheat. This situation will cause the ABS sensor to melt and turn on the ABS light.
Warning: When your ABS light is "on", the ABS braking system in not operational... Anyway, sometime the sensor can be fixed but most often will have to be replaced on the affected wheel.
The brakes will work as normal, just will not have ABS. If you are having the dragging brake problem, which is very common on this brake system. I would also consider checking that as well as before correcting the ABS problem.