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The ABS light in my '95 Ranger is on maybe 90% of the time. I believe they work OK. Also of note, though, is the shoe adjusters on either side sometimes auto-adjust until the tire locks up. The brakes are fairly new (15K miles), with new hardware and shoes. BTW, I use my parking brake regularly.
If you have 4 wheel ABS you will need to have the code pulled with an OBDII scanner, local parts store. If you have RABS then see the tech info post for getting the code.
I would give the rear brakes a good going over, they should never adjust that far, something is not right.
The auto adjust shouldn't do that. Weird. Check the little float in the resevoir. When I turkey basted my old dirty fluid out, I managed to jam the float into a position where it triggered the light. It's a simple thing to check (just take off the resevoir cap) and you may fix the light. If not, you'll have to pull the code like Ken said and proceed from there.