what the hell do you mean red oil light thingy.... I hope your not talking about your oil pressure light.... Dude, have you checked your oil. You probably spun a rod due to lack of oil, and overheating.... What was/is your temp gauge reading?

why would you run your car knowing you have misfire issues, WHY would you race someone knowing your car has problems period!

Edit: just so you know the oil light comes on to to basicly announce your running low on oil! if its coming on and off then you need to check that shit man.