There is another, much simpler and cheaper possibility. If you haven't changed your fluid in a while, your fluid may have too high a water content. (Brake fluid is very hygroscopic) If this happens, it fools the abs sensor into thinking the fluid pressure is too low, turning on the light and turning off the system. I had this problem happen to my old '92 Sport, which only had the RABS system. When we pulled the codes, it read "low fluid" and "low pressure". Since neither seemed to be the case, we hooked up a manual pressure gauge to the system, and found that it read normal. We then completely flushed the system twice (had it done at Monro, they have a power flush machine), and it fixed the problem. Cost about $25 to have it done. HOWEVER, the problem did not go away immediately, it took a week or two because there RABS module is on a dead end brake line in the driver's side frame rail, and it took a while for the new fluid in the system to mix with the old fluid in the RABS module(not a lot of fluid, but that's where the fluid density matters).
asp84, I have to disagree with you about the RABS system being useless. When mine was out on my '92, the truck was very difficult to stop when braking and turning at the same time. It wanted to swap ends pretty quickly. I though the same thing when my light popped up, and I was gonna just yank the bulb, but after driving it for a couple of miles, I quickly changed my mind.