It was snowy out. I was on ice and snow got stuck the wheel kept spinning and since then the lights are on..... any idea what happened, and did I cause something major? Thanks The car seems to run fine...
could it be because snow is on it perhaps ice? Is it expensive? May the light turn off or most likly i dont have abs working anymore?

can be a bad speed sensor. the traction control system and abs system work off the same thing.

Take it to your local BMW specialist and have them clear the faults for the wheel sensors (that's likely the issue). If they clear them and they come back (ie, ASC (triangle) and ABS lamps on) then you could be looking at a faulty ABS control unit (common on E39 BMW's but not as common on E36's like yours).

Any time the traction and ABS lamps are on you no longer have traction control or ABS function. Drive carefully.

Wheel sensors shouldn't be more than about $100 each. Control unit with coding (programming could cost upwards of $1500. You probably don't need a control unit though.