Just bought a 98z28 camaro with an ls1 and when me and my dad test drove it he said it was burning a little bit of oil.. it was low on oil when we test drove it what do you guys think is wrong? Also the ABS inop light was on wtf does this mean haha!

 

First question is how many miles on the car, The oil could be coming from a couple of possibilities, It could be valve seals, Or it could be some bad rings. It was low on oil, are you sure it is burning oil, If its burning oil that bad you should see it coming out the tailpipes. Take your finger and stick it in the pipes (cool not hot) If you have oil on your fingers, then it is definately burning the oil, and fairly bad. If its just black soot that is about normal. IF no oil in the pipes you may just have an oil leak, Drive the car, get it warm and then park it and leave it running, Put a piece of cardboard down under the engine, and look for leaks let it run a few minutes, then turn the car off. Let the car sit for a day and check the cardboard for oil leakage. If so look right above the spot, make sure its not power steering or brake fluid. That should help you get started.
The abs light is probably from a sensor on one of the wheels, they do go out, or someone could have put brakes on it and broke one.
Hope this helps.

 

154,000 miles are on it (I know its alot but give me a break its my first car) ill send you an email or something with the results when i do all the stuff you told me to