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Usually a wavy line means some kind of liquid and an arrow pointing down means that the liquid level is low. It could be either the washer fluid, hydraulic brake reservoir or the coolant. There might be some other kind of indicator that will give you a further hint. If not, check them all. it means the coolant is low.

I also have a 1994 Z28. I have a small crack in the upper plastic part of my radiator, so my water light comes on all the time. I can let mine go for a while because I know how much it leaks, and how long it takes to get low, but you should definitely check your water (coolant) level if the light is not usually on. Check the overflow bottle and make sure it has enough of coolant (antifreeze) in it. Sometimes just cleaning the sensor with wd40 might help.

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Q: You have a 1994 Z28 camaro what does the small red rectangular light with the arrow pointing downward and a wavy line across the bottom of the rectangle between the tachometer and the speedometer mean?
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