The fundamental tone sounds like a slightly driven P-bass, which should be not too difficult to get. If you're talking about the slight, synthy glissando effect that tracks with it, that might be a little trickier, but would probably be done in the synth block, attaching internal modifiers to control the speed at which the pitch ramps up to the destination note. I'd have to have the AxeFxII open and running to be more specific, but it's not in front of me right now.
Yes it does sound like a P bass played with a pick close to the bridge. I haven't tried it yet but you could use a distortion unit and a chorus run through a good compressor with a gate. I use a dbx 166xl compressor in my rig. A good compressor is key to a good bass tone and not the ones most amp manufacturers throw in as an afterthought. If I wanted to create this tone I would set the ratio very high with the release to my liking depending on how long I needed to hold notes. The key is in the gate. You need a very "tight" gate so that when you lift your fingers from the fretboard there is "dead silence' from your bass. That leaves a sonic hole for the snare to become the dominant instrument for the moment. The vocals and other instruments dance on top and you hold down the floor.
Play around with the bass distortion and chorus units and you'll find it. It might be interesting to throw in a sub-oscillating unit too.
I hope this helps.