2005 Ford Explorer

Brakes problem
2005 Ford Explorer 6 cyl All Wheel Drive Automatic 114000 miles

I have a 2005 Explorer. The check ADVTRAC warning came on with the ABS light and 4x4 high light flashes sporadically. I no longer have all wheel drive. My rear wheels spun on a wet road. I realize I need a code reader to diagnose. My question is:
-Is this something a moderately handy home mechanic can do?
-If so what kind of reader do I need? Can I get by with one of the under $100 readers? If yes please recomend a reader. Where is the ABS plug in?
-If my guess is right and it is a wheel sensor will the reader tell me which wheel and is this something that can be done at home or are there any special tools or procedures needed?
- Anything else I need to Know?

Thank you,
August 26, 2010.

Dennis: The two systems work together. Yes, it is most likely a damaged, dirty, disconnected, or a sensor that has wiring damage to it. Check them at each front wheel.

As far as the scanner, you can't get one that will read these codes for cheap. A basic OBDII scanner, yes. However, it won't help you with the trans or ABS.