To find out what is wrong with it you will have to take it to a repair shop or the ford dealer with a computer to hook it up, but the engine light being on something is wrong with the car, it kinda sounds like a ingition coil pack going out, if so it will only get worse and could also be many other little things, but it must be repaired before the light will go off, and needs to be repairs ASAP so it doesnt cause anymore damage, that is why the light came on is for it to be serviced and repairs ASAP.
I have the same problem with a 2001 LS V8 sport. They diagnosed this earlier this year when I felt a subtle pulsing in the car during heavy acceleration. They said they must change both according to Lincoln service number SSM 512 481 091 and replace BOTH pumps (which shocked me to find there was two). They listed the pumps as YW42-9275-BC and YW42-9H307-BA. Apparently these cross reference to part number E2274M from Airtex but I'll know more soon as it is on order from my local jobber. I do know that if you order a 'pump' from A/C number MU2013 you will get a sender unit only which is listed improperly (and probably why the Airtex costs about 25% more). One other item the dealer replaced on my LS was the Idle solonoid but that shouldn't impact the car while driving, just while idling.
Something is wrong if the check engine light is on. If the engine is running great then there is no great hurry to get it fixed but there is something wrong with the emissions system or the light would not be on. It is your choice to fix it or not. It may never cause any problems and it could damage the O2 sensors or the converter depending on what is wrong.
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