Yes. For future reference, when something on the dash starts flashing (there are TONS of threads on here with the exact title as yours...a simple search would have answered your question instantly), get your codes read. It can be something simple like the O2 sensor is reading something strange, or it could be your cams not advancing...as it was in my case. Driving around with something wrong CAN do serious harm, and if you car is new enough to be covered by a warranty, SOA can tell you to stuff it. They probably wont, but they certainly could.