Ok so my 97 L is still running great, BUT...I was driving yesterday and out of the blue, the dreaded CEL comes on ! why is this happening to me! I just bought the car like 2 months ago! 76,000 on the clock.

My question is, have u ever got a CEL? Why? when? what the hell would cause it to come on?

This is really a service and maintenance question rather than engine management.
Your CEL is telling you that the ECU has detected one or more of over a hundred or so potential problems and set a trouble code. In order to find the actual problem and fix it, you have to get the code(s) read. You can go to Autozone where they do this for free, or find someone in your local forum with a scanner who can read it for you.
Until you do this, and then post the code along with your vehicle information in the proper forum (Service) we can't help you any further.

I was more wondering why other people got CELS...
Mine is emissions related, so I'm not sure If I really care or not...I think its just running rich.

My budy(dodge tech.) told me that the government will pay for a new cat if destroyed before 80,000 miles. Is this true for Subaru's also?

Other people get CELs for many different reasons. There is no way to compare your situation to anyone else's until you have it scanned and post the code. Most codes are considered "emission related" so that doesn't narrow it down. And, "just running rich" is not good at all, over time a rich condition will cause the cat to overheat and eventually clog.
There is an 8/80 emission warranty that covers the cat(s) and ECU. However if there is a problem that is causing rich running it must be corrected before the cat is replaced, or the new one will be ruined as well.

The guy @ autozone just told me it was emissions related. He said to get an exact code I would have to go to the dealer. Is where anywhere else I can get it read to find out the code?

That's BS, he could have easily given you the code but for some reason chose not to. Find another Autozone that is more cooperative, or post in NESIC for help.