its red and looks like a radiator with heat waves coming off the top. does anyone know what this light is warning me about?
No. Just buy either 2 (or 1?) cats from another member, or get an aftermarket (hi-flow one if you want).
Anything that contributes to excessive unburnt fuel entering the Cats is going to cause them to increase in temperature(due to burning off that unburnt fuel). It's time to check the current Air/Fuel Ratio(and any components that may affect that ratio), O2's are one such component.
Absolutely. The ECU was not able to properly detect if your car was running rich or lean, and so was taking a best guess, which resulted in passing unburnt fuel through into your exhaust system.