i would think it could be something bad because it is a warning / alert type of light on your car
check your transmission fluid
how is the car shiffing?
do you smell the transmission fluid burning? when the fluid is burning up it will turn a reddish brown and the smell is very distinctive.
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if you can only race me in a straight line then whats the point 
...91 SMF SCCA
http://www.flickr.com/photos/8341770@N07/5601083432/http://www.flickr.com/photos/8341770@N07/5601083432/ by http://www.flickr.com/people/8341770@N07/, on Flickr
I see people out there spending money on the car to improve it … If you spend half that effort just working on your driving skills, making you and the car work together as a team, then you’ll go faster – period. To make the car go a second faster on the track takes a lot more energy and money than making yourself drive it one second faster.
– the late Tom Thrash SCCA Solo E Production