The anti-lock function is an add-on option to the standard braking system. You are not in danger of not stopping. It's purpose is to allow you to maintain steering control that is lost when tires skid.
Two fuses always feed the anti-lock system and the air bag system. That is so one of those circuits can power the warning light when the other one goes dead. The yellow ABS light is supposed to turn on for a few seconds as a bulb check when you turn on the ignition switch. It must also turn on when the computer detects a problem and sets a diagnostic fault code. The cut wire would set a code for an electrical problem with that sensor.
For an oil leak you need a mechanic to look at it and give you an opinion. There's things that can look like a serious leak but are fairly easy and inexpensive to solve.
Tuesday, March 26th, 2013 AT 1:37 AM