Metal Sound

So...there was metal sound coming from my car...*sigh*. I finally figured out what it was...here's a picture. So far I don't know which the car is giving me more of...pleasure or headaches.

What does this light mean...

I can't figure out what this means on the car....keeps flashing once then goes off, so I can't even take a picture of it...it SHOULD look like that...from what I can remember.