Yep, ur pads are shot, mabey rotors 2 but u can have dem tings turned down at a napa or place like that. The ABS light is the light that warns u the brakes needs fixed, or it meannins that the Anti Lock Braking System ( ABS ) is in affect, this happens durin hard braking, really really hard breakin. But sounds to me like a simple brake job. That aint a bad car but it is a little worn. I to am 15 but, I own the 83' Benz as in my description and next year will be putting ither a ford 302 in it or bolting the body to a 90' ranger frame which contains a 2.9 V6 but, for this year I'm fixing up a goog compleat 67' GMC K15 4X4