Help! Flashing ABS and Battery Light???

[KRZTACO]

Just happened on my 2000 986 S with 59,000 miles on it.

After starting the car and backing out of a parking space, the motor was kind of hesitant (I thought the MAF sensor was imploding before my very eyes) but then the ABS and Battery light started to flash...with NO CEL light. I pulled over and while doing so the rear breaks on the car grabbed a little (kinda like my ABS pump/booster was comitting suicide). I stopped the car and turned it off. After a few minutes I started it up....no lights.....engine ran good(not hesitant as before)....and drove home (very carefully).

What is going on?
How much will it be to fix?

I will have it towed from my house to Hergeshiemer Motorsports in the AM on Monday.

KRZ