Hey guys, if you have driving probs which you haven't stated tho, the computer has detected some condition outside of it's acceptable limits and is operating in a closed loop mode..it's using some generic preset values and ignoring the input's from various sensors to adjust the engine..the computer stores the fault code's so you can determine the source of the problem..the most likely of all occurances is the 02 sensor is faulty and needs replacing..
You should'nt ignore this light, but it should be safe to drive your car..
I'll do a FAQ on 'check engine light' possibilities soon..