A B727 FLT STOPS JUST 500 FT SHORT OF THE END OF A WET RWY 26R AT ATL. THE ANTISKID WAS MEL'ED INOP PRIOR TO FLT.

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ON LNDG ROLLOUT AT MAX GROSS WT FOR LNDG; LIGHT RAIN; WET RWY; XWIND 180 DEGS AT 16 KTS GUSTING TO 20 KTS FOR RWY 26R. ANTISKID WAS INOP. ACFT DID NOT SLOW DOWN AND HYDROPLANED. MORE BRAKES WERE APPLIED TO SLOW AND STRAIGHTEN THE ACFT. AT APPROX TAXI SPD; #1 THEN #2 TIRES BLEW. WE STOPPED ON RWY AND INFORMED TWR. CREW COORD WAS GREAT. SIT AROSE BY DISPATCHING ACFT WITH ANTISKID INOP INTO LESS THAN FAVORABLE CONDITIONS. ACFT DID NOT OPERATE AS ADVERTISED UNDER THE STATED CONDITIONS. NEXT TIME I WILL NOT TAKE ANTISKID INOP INTO LESS THAN FAVORABLE CONDITIONS. SUPPLEMENTAL INFO FROM ACN 459417: DISPATCHED WITH ANTISKID INOP. RAIN IN PROGRESS ON LNDG. WET RWY 'GROOVED.' HIGH GROSS WT; 153500 LBS. THE CAPT APPLIED AERODYNAMIC BRAKING AS WELL AS WHEEL BRAKING UTILIZING THE PROC PRESCRIBED IN THE MEL. THE ACFT SLOWED AT A REDUCED RATE AND STARTED TO WXVANE INTO THE WIND. THE CAPT APPLIED DIFFERENTIAL BRAKING TO BRING THE ACFT BACK ONTO CTRLINE. THE CAPT INFORMED THE COCKPIT CREW THE ACFT WAS NOT SLOWING DOWN. AT APPROX 60 KTS; WE FELT ONE TIRE BLOW AND AT APPROX 10-20 KTS THE OTHER R SIDE TIRE BLEW OUT. THE ACFT STOPPED APPROX 500 FT SHORT OF A 9000 FT RWY. THE CAPT AND CREW DID ALL THE PRESCRIBED PROCS OUTLINED BY AIRLINES. I FEEL THE SIT COULD HAVE BEEN AVOIDED IF ACFT WOULD NOT BE DISPATCHED WITH ANTISKID INOP WITH WET RWYS AT DEST.