I agree with the rest that it is most likely a wheel bearing.

Yes, 97-03 cars have low tire pressure lights. From what I know, they use the wheel speed sensor that is in the wheel hub to sense when one wheel is going slightly faster than the other wheels. This will throw off the low tire pressure light. But from my experience, the light will usually only go off when I hit a bump or pot hole or something weird, and not when my tires are low on pressure.