The FIRST thing that I would do would to get some really good fuel injection cleaner introduced into the fuel. Go and find some BG 44-K. This is the BEST stuff available. Fill up the tank, and dump in the BG 44K, Run the tank down as fast as possible. I use the BG product in my shop; it really works. Don't buy a Cat until you try the BG.
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Let me suggest that you run a tank or two of premium fuel. If the light goes out, you may have been used a low grade, "Cheap" fuel. This could "Trip" the sensor. It's worth a try before you go changing parts that may not need changing. Remember, sensors,"Sense" things and it may be trying to tell you about the fuel. Check you owners manual, if you still have it, and see what octane fuel you should be using. Also, buy fuel from places that stand behind their products.
Good Luck
this would be your catalytic converter insides going bad
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