The air bag light on means there's a fault in the air bag Safety Restraint System. Air bags are a serious safety item and should not repaired by a trained automotive technician. They have the equipment and diagnostic tools to work on them safely.
I agree with the other answer to your question. The light on also means that in a front collision the air bag may not deploy. I also recomend that you have a ASE certified Technician diagnose the problem properly.