what does the red oil light mean?

It means there is a problem with the oil pressure as detected by the engine. This could be due to low oil level, a problem with the oil pump, improper grade of engine oil, or even a faulty oil pressure sending unit or the wiring to the unit.

i call it the o shit light. When your driving dow nthe highway and see this light on dash and wounder what it is. Your car makes either a exploding sound or your car dies. Then you say O SHIT. get it checked out at a shop befor that happens

it means your oil has turned red and must be changed immedietely or else your car will explode in a gigantic explosion causing world hunger.

Did you by chance switch to synthetic oil if so this could be causing an oil pressure problem if not I would do an oil change and use the recommend oil for it. It could be using oil from age and really low typically when oil light comes on it’s already at the point of damage happening. Let’s hope not do an oil change ASAP and let us no how you make out