when my 1997 Grand prix gt 3.8 gets warm a TEMP light comes on even though the car is not hot and then suddenly the TRAC OFF lights up and the car feels like it is towing a MACK truck. It is similar to when the traction control kicks in while in the snow... I cannot shut the trac off light off unless I shut the car off and then its ok until it does it again. Seriously the car wont go and it really wont rev up that well even in park. It has only been doing this when the car gets warm about 15 to 20 mins into the ride.... my questions are... what is the TEMP light up on the dash for? and where should I start to make the car run like it does before this TRAC OFF light comes on?

I am thinking it may have something to do with the abs sensor because I had the cv axle out and replaced the other day and now this is happening.... PLEASE HELP!