THE ACR FLC OF AN MD88 REJECTED THEIR TKOF WELL ABOVE V1 SPD WHEN THE 'MASTER WARNING' AND 'TAIL COMPARTMENT TEMP HIGH' LIGHTS ILLUMINATED. THE REJECT WAS SUCCESSFUL; BUT THE FUSE PLUGS MELTED ON 2 MAIN GEAR TIRES.

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FLT WAS ON TKOF ROLL (9401 FT LONG RWY). APCHING V1; MASTER WARNING LIGHT ILLUMINATED. TKOF WAS REJECTED AND ACFT WAS BROUGHT TO A STOP ON RWY. A PA WAS MADE TO ADVISE THE PAX TO REMAIN SEATED; AND ATC WAS ADVISED OF OUR STATUS. WE CHKED WITH THE FLT ATTENDANT IN CHARGE; ON THE FORWARD JUMP SEAT; BY OPENING THE COCKPIT DOOR AND MADE SURE ALL THE PAX WERE STILL SEATED. THE EVENT CAUSING THE MASTER WARNING LIGHT WAS A 'TAIL COMPARTMENT TEMP HIGH' ANNUNCIATION WHICH EXTINGUISHED DURING THE ABORT. WE FOLLOWED-UP WITH THE APPLICABLE PROC AND THE LIGHT REMAINED EXTINGUISHED. ACFT WAS TAXIED CLR OF RWY ONTO PARALLEL TXWY AND KEPT AWAY FROM CONGESTED AREAS WHILE WE ASCERTAINED BRAKE AND TIRE STATUS. WE ASKED FOR AND RECEIVED EMER VEHICLES WHICH POSITIONED IN FRONT OF AND BEHIND ACFT TO ASSIST IF NECESSARY. THE TXWY WAS LEVEL AND I DETERMINED THAT THE ACFT WOULD REMAIN STATIONARY WITHOUT SETTING BRAKES; WITH BOTH ENGS SHUT DOWN. PER PROC; WE OBSERVED BRAKE TEMPS AND EVENTUALLY HAD FUSE PLUGS MELT ON 2 OF 4 MAIN TIRES. PAX WERE BUSSED TO TERMINAL BUILDING (DEPLANING THROUGH AFT AIRSTAIRS) AFTER BRAKES HAD COOLED. WE STAYED WITH ACFT AS IT WAS TOWED A SHORT DISTANCE TO A MAINT FACILITY. THERE WERE NO PAX INJURIES. DECISION TO REJECT WAS AN INSTANT REACTION. MY HAND WAS JUST LEAVING THE THROTTLES; AND I SIMULTANEOUSLY SAW A RED MASTER WARNING LIGHT AND A LOT OF DRY PAVEMENT REMAINING IN FRONT OF ME. ACFT STOPPED EASILY; WITH RWY TO SPARE. HOWEVER; I PLAN TO NOW INCORPORATE A PERSONAL 'BUFFER' RELATIVE TO V1 SPD FOR REACTION TIME AND GO/NO-GO DECISION MAKING; EVEN FOR LONG RWYS. IT JUST MIGHT SAVE TIRES; BRAKES; PAX INCONVENIENCE OR MORE; IN THE FUTURE. SUPPLEMENTAL INFO FROM ACN 371524: ON TKOF ROLL RWY 8 AT IAH. V1 WAS 133 KTS; VR WAS 138 KTS AND V2 WAS 142 KTS. WE WERE AT 140-145 KTS WITH NOSEWHEEL OFF THE GND. MAIN WHEELS HAD NOT LIFTED OFF YET. A 'TAIL COMPARTMENT TEMP HIGH' LIGHT ILLUMINATED WITH ASSOCIATED MASTER WARNING. CAPT ELECTED TO REJECT THE TKOF. SPOILERS DEPLOYED AND AUTOBRAKES ACTIVATED. NOSEWHEEL CAME BACK DOWN FIRMLY WHEN AUTOBRAKES ACTIVATED. ACFT STOPPED WITH APPROX 2000 FT REMAINING. TAXIED CLR. STOPPED ON TXWY AND SHUT DOWN ENGS WITHOUT SETTING BRAKES. BRAKES CONTINUED TO HEAT WITH TEMP PEAKING AT 350-375 DEGS C. 2 MAIN WHEEL DEFLATED WHEN FUSE PLUGS MELTED. CAPT'S DECISION TO ABORT IS DEBATABLE; BUT WITH THE ADVANTAGE OF HINDSIGHT; I BELIEVE IT WAS A MISTAKE. HE REACTED TO THE RED MASTER WARNING WITHOUT KNOWING ITS SOURCE. MASTER WARNING IS ON THE GLARE SHIELD DIRECTLY IN FRONT OF THE PLT. 'TAIL COMPARTMENT TEMP' IS ON THE OVERHEAD PANEL. CAPT DID AN EXCELLENT JOB CTLING THE ACFT; BUT WE WERE VERY LUCKY THE MAIN GEAR HAD NOT LIFTED OFF OR WE WOULD NOT HAVE BEEN ABLE TO STOP WITHIN THE REMAINING RWY.