Modern hydraulic brake systems are divided into two parts - that way, if one side fails, the other side will still (eventually, takes longer...) stop the car. The brake warning light comes on under two conditions, normally - 1) if the parking brake is on, or 2) if the pressure in one side of the hydraulic brake system is higher than the pressure in the other side, (only possible if one side is leaking). Assuming there is adequate fluid in the system to begin with, pump the brake pedal many times. Is the level in the brake resevoir going down? If yes, the fluid HAS to be going somewhere, probably to one of the wheels - look for the puddle of fluid on the ground, and follow it back to the leak. If the level ISN'T going down, you have an internal failure of the master cylinder - rebuild or replace.