the light is a red box with an arrow pointing down on what appears to be low water....... it always comes on after about 5 min. of driving but i am never over heating or anything.....

94 LT1

 

I think you're talking about the low coolant light (never actually seen it lit up). If you're not overheating it may not matter, but I'd check everything out anyways, don't take the chance.

 

nah, the low coolant light is just that, "low coolant". ive never seen the mentioned light, even on first start ups(or maybe I just never noticed it )

 

Yep, low coolant light. A faulty sensor is a common problem on these cars.
The sensor is located on the passenger side of the radiator, about 6 inches lower than the radiator cap. You'll see it, it's a square box.
You can remove it and try to clean it, but I'd recommend a new sensor. OR, you can just leave it disconnected and the light will go away.
Also check if the coolant level is OK. That may be the problem too.