Whenever I break traction(peel out, burn rubber, etc.) my "traction control off" and my "ABS" light come on and stay on until I turn off the car. Why? :?

Seems to me the Traction Control should stay engaged if the wheels are spinning. I don't know what the ABS has to do with anything.

For best burnouts, your traction control should be "OFF" anyways.
PS: Nice looking car!

You have a problem with the system. Those lights should not come on at all.

Will,
what would the problem with the system be?

The $320 PMV/Pump assembly, the $700 EBCM, or a wheel speed sensor. The even 'badder' news is that you have to have the dealership extract the codes. You can't do it yourself. Mine cost $128 just for diagnosis.

I know that'* not much help, but that'* really all there is to it. I'm replacing my PMV and both rear hub/bearing asseblies soon to fix mine.

damn, that sounds serious and major!

I better start up a collection.