Check Engine Light

What's up with that!? I was driving to work last night and looked over at the car next to me. I had to chuckle because I noticed that their check engine light was flashing. Mine has been on for several months now... I hate the darn thing. Most automotive shops will charge you UPWARDS of fifty bucks (most are seventy five) just to put your car on their computer to diagnose why your Check Engine light is on.
My car is ten years old and has just over 200,000 miles on it. I suppose I could dis connect the battery for a few minutes and reconnect it to see if that would make it go out. But would that fix the problem?
Here's some info I found...
Treat check engine light, and all dash lights like traffic signals. A Red Warning light indicates an immediate danger. Pull over, turn off the car immediately and assess the problem. Symptoms that usually cause red warning lights are engine over-heating, low oil pressure, transmission over-heating, low battery voltage, and brake failure.

Red lights can also indicate a safety issue, so proceed with caution as you maneuver to stop the vehicle. Unfortunately, when the red light is illuminated the problem is at its peek. It can be a matter of seconds before permanent engine damage occurs.
A Yellow Warning light, (Usually a Service engine soon light) indicates "Proceed with caution." The onboard computer system has indicated a potential problem and is alerting the driver. This computer system resets and re-tests all sensors and indicators each time the car is started. The computer system is capable of correcting some minor abnormalities, but if the light continues to come on after multiple car starts, it is probably sensing something that would imply a visit to the diagnostic mechanic is in order.
Heck with it, My brother keeps driving his.... So Will I!