Well, this is by no means a guarantee, but it sounds like a bad wheel speed sensor. That will trigger both lights and is fairly common. Do you have a code reader? If not, do you have a chain auto parts store (AutoZone, O'reillys, etc.) anywhere nearby? Most of them will hook up a code reader and tell you the codes for free. It could also be a problem with the ABS module itself, but the sensor is more likely in my experience.
Besides the codes I would start by looking underneath at each wheel and just see if the sensor is still there/still connected, wires not broken, etc. As far as driving it, I personally would as long as the lights are not flashing. But that's me, you need to make your own decision on that. Be aware that with the trouble lights on, while the brakes should still work normally, the ABS system will not work.
-K
Oh, one more item to check: Check the ABS fuse. Not sure if it's in the under hood fuse box or the in-dash one on those years. Your owners manual should have a chart. If you don't have the OM, check the diagrams on the fuse box covers for the position.
Edit: Ok, one more thing, I assume you checked the fluid reservoir?
