Your front pads are probably shot. The worn pads have likely caused the fluid level in the master cylinder reservoir to drop (pistons in the calipers are WAY out to compensate for worn out pads). Theres a float switch in the cap of the master cylinder that will illuminate the brake light in the instrument panel if theres low brake fluid, due to a leak or worn pads.
My suggestion: pull your front wheels and inspect the pads. The rubbing noise is probably a wear indicator dragging on the rotor, telling you that its about time for new pads anyway.
Ryan