The light is a warning that your transmission's computer is storing some sort of trouble code. A good reputable transmission shop can read the codes and tell you what they are. A bad, disreputable tranny shop will tell you it definitely needs an overhaul. There are probably more BAD shops than GOOD ones. Ask your friends for the names of some good shops.
The light is flashing because your trans is displaying that there is a fault with the trans itself. Need to have a qualified tech read the code from the trans I had the same problem. The tranny shop replaced the shift position sensor and the problem was solved. As stated above, you need a transmission shop to diagnose it with there diagnostics computer.
Overdrive is the normally allowed position It won't shift into overdrive until the speed is faster ( but if you are towing something or driving in hilly country where you notice the transmission is constantly shifting between overdrive and drive , then you want to shut off the overdrive using the switch on the end of your gear selector lever , O/D OFF will light up in your gauge cluster )
The airbag warning light will flash 10 years after your vehicle was maufacturedso even though your car is registered in 1997 it was probably on the production line 10 years ago. the light is to indicate that the s.r.s. airbag system needs an inspection/service and i belive this can only be done at Nissan main dealers
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