Seems to be a fairly common problem.... my 94 Formula (ABS INOP) has done that a few times, and my 2001 Silverado (TRACTION INOP) seems to do it almost always in heavy rain and snow. I would guess its a problem with one or more of the wheel sensors.... possibly the water affects the connector, or the signal reception.
As noted, a "scan" of the ABS/TCS system would tell you what set the code, and which sensor to look at.
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Fred
1994 Formula - 381ci / 300-shot N2O / TH400 / Gear Vendor OD / Strange 12-bolt 4.11 - 11.5@117 on straight motor
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