How do you know what codes you have? Once the ABS/Tracs lights are on (staying on), the system is off so I can't see how it could then be causing ANY noise. On a '98 X70, the cause of the ABS/Tracs light staying on is (almost) always the control unit.
The "normal" ABS noise heard everytime the car first reaches 18 mph after starting the car from a stop is its self-test and that might be what you're describing? It's a mechanical/metallic type noise and I believe it's described in your owners manual too. That noise has nothing to do with going over bumps nor would you hear it if the ABS/Tracs lights are staying on (system is off).
The typical noise heard going over bumps or at slow speeds turning side to side is usually caused by worn sway bar links, a VERY common problem in newer cars like yours but it's easy to duplicate and any Volvo tech anywhere has seen and replaced many a bad one by now.
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