Jeep Repair: Jeep 02 odd sensor, jeep dealer, jeep liberty

Question
My Jeep Liberty's odd sensor light went off this morning.  We have the 3.7L v6 engine and it has 122K miles on it.  The owner's manual says this indicator light has to do with the engine/transmission operating system--and that continuing to drive might cause catalytic coverter damage/problems.  

Can you tell me 1) Is this a serious issue?
2) Is it an expensive problem?
3) Do I have to go to the Jeep dealer to have it fixed?  
4) What do you recommend that I do?  Thanks...mv

Answer
dies the light look like an orange engine?  if so  it a check engine light  and  question 1 and 2 cant not be answered until a code is pulled    3  u can take it to a dealer or any shop that has diog equipment.
4  take it to auto zone to have the codes scanned for free.