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Hi,
Sounds like one of two things, both related to your worn tires, not traction control. You were either Hydroplaning or hit some oil or grease. I'm guessing the former because the condition disappeared when you dropped below 30MPH. In this case, at 30MPH, your tires were rotating slowly enough to push the water out of the way rather than ride on top of it. With worn tires, there is insufficient tread left to channel the water away to the side and it's much easier to Hydroplane.
That said, what tires are you running? OEM Tires are Directional and have a different tread pattern on the outside than on the inside. This is specifically to aid in channeling the water away. Given the negative camber in the Boxster rear, aftermarket omni-directional tires will most likely not work as well. Probably not even noticeable in Dry conditions, but amplified in the Wet.
The tires are a very important component in the suspension and handling chracteristics of the car and are not as tolerant when worn as tires would be on say a Honda or Toyota. Also, all tires have a safe, useful life of only 4 years regardless of treadwear. This is because they harden with time and significantly lose grip once this happens, especially in the Wet.
Plan on replacement ASAP along with a Balance and Alignment. In the meantime, take it especially easy in the wet. FYI, Traction Control (as opposed to PSM) was available as an option on the '99 MY, it's option #222 and will be listed on the sticker inside the Hood. It is defeatable through a rocker switch on the central console labled TC (this switch will also light if the TC is ever engaged. If you don't have this switch, you do not have Traction Control. Hope this helps...
Happy Motoring!... Jim'99
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