If you push the ESP button and get the light on the dash, then it has disabled the traction control. So it will allow the rear wheels to spin and loose traction without interfering. The Stability control remains on, so for example if you go too hot into a corner and the car thinks its unstable, it will brake individual wheels to try and keep you on the road.
I believe if you pull the fuse it turns everything off including ABS! so be aware.
If you want traction control and stability control Off, but ABS reman on, the you need to disconnect the Yaw sensor that is under the center console/ashtray area.