E36 ABS Light?

[david.via@xxxxxxxxxxxxxxxx]

The dashboard ABS light on my '94 325 is on.  It seems intermittent.  The 
light was on once for a few days last year, and not again until last week. 
  Now it is on about 80% of the time.

Any one have any experience with what this list "usually" indicates, and 
if I can diagnose and repair the problem myself?  Someone I mentioned it 
to said "wheel speed sensor".  How would you begin to tell which one?

Thanks in advance.

David Via
94 325 iC

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