I have an orange light on my dash that is an arrow forming a circle with a triangle in it with an ! in that.

https://www.justanswer.com/audi/1qbl7-warning-light-showing-yellow-circle-triangle.html

http://www.fixya.com/cars/t806920-yellow_circled_arrow_around_yellow

Yellow circled arrow around yellow triangle

Its the ESP Light - Electronic Stability System.

If it's always on you should do a diagnosis with a scan tool to see what's the problem. After that i will help you more.

bulb failure warning,check your brake lights.

Not sure from your description but this sounds like your traction warning light (left side of the warning light panel, it looks like a triangle with an arrow going round it in a circle), it normally comes on when you have either turned the traction control off via the button on the dash or if its wet on the road. It can also be caused by cornering too fast.

does this light go out when you are in park idiling?

This is the indicator for ESP (stability control). If you look on your dash, you'll see a button with, you guessed it, ESP written on it. This allows you to turn your stability control on and off. If your light is on constantly, try pushing the ESP button. If it flashes on and off (ie during hard driving) this simply means it is working.

On a 1998 3 series (E36) BMW, this indicator lamp is for the ASC+T = automatic stability control plus traction. It should go shortly after the ignition is switched on implying that the system is OK.
If the indicator lamp fails to go out after the engine is started, or comes on in the course of normal vehicle operation it means that the system has malfunctioned. The vehicle remains operational, but without ASC+T. You a have an 2001 3 series (E46), but I suspect the indicator lamp means the same as the E36 3 series. Look in owners manual under "indicator lamps"

hazard light problem

I seemed to have run into a website that you might want to check out. about a 1/4 the way donw the page


http://www.bimmerfest.com/forums/showthread.php?t=57010