Yellow warning light

Here is what the service manual says. Looks like it is not a flasher relay but a function of the body control module.

TURN SIGNAL AND HAZARD WARNING LAMP SYSTEMSystem Description OUTLINE Turn signal lamp and the hazard warning lamp is controlled by combination switch reading function and the flasher control function of BCM.
TURN SIGNAL LAMP OPERATION - BCM detects the combination switch condition by the combination switch reading function. - BCM supplies voltage to the right (left) turn signal lamp circuit when the ignition switch is turned ON and the turn signal switch is in the right (left) position. BCM blinks the turn signal lamp.
HAZARD WARNING LAMP OPERATION BCM supplies voltage to both turn signal lamp circuit when the hazard switch is turned ON. BCM blinks the hazard warning lamp.
TURN SIGNAL INDICATOR LAMP AND TURN SIGNAL SOUND OPERATION - BCM transmits the turn indicator signal to the combination meter with CAN communication while the turn signal lamp and the hazard warning lamp are operating. - Combination meter outputs the turn signal sound with the integrated buzzer while blinking the turn signal indicator lamp according to the turn indicator signal.
HIGH FLASHER OPERATION (FAIL-SAFE) - BCM detects the turn signal lamp circuit status by the terminal current value. - BCM increases the turn signal lamp blinking speed if the bulb or harness open is detected with the turn signal lamp operating. NOTE: The blinking speed is normal while operating the hazard warning lamp.

There is a plug type relay under your steering wheel that i believe is yellow ajust it then your blinker may work mine does it every once in a while

warns the driver from possible slippery driving conditions when outside temp is low.

Yes - the fast flashing is a warning that a bulb is burned out. Change the bulb (be careful to put it in the same as the old one as it probably is 2 bulbs in one , parking and turn/stop) and you should be fine.

2005 Instrument cluster layout

1. Speedometer
2. Brake warning light
3. Turn signal indicator light
4. High beam indicator light
5. Malfunction Indicator Light (MIL)
6. Airbag warning light
7. Anti-Lock brake warning light
8. Tachometer
9. Security alarm indicator light
10. Oil pressure warning light
11. Electronic Stability Program (ESP)/
Traction Control System (TCS) indicator light
12. Tire Pressure Monitor warning light (base)

13. Temperature gauge
14. Electronic Vehicle Information Display
15. Tow/Haul indicator light
16. 4WD Low mode indicator light
17. Seat belt reminder light
18. Cruise control indicator light
19. Odometer/Trip Odometer
20. Transmission gear indicator
21. Fuel gauge
22. Electronic Throttle warning light (5.7 Hemi)
23. Front fog light indicator light
24. Voltage warning light

It is an outside temperature warning light. Turns yellow when the temperature gets to around 5 degrees and then turns red with the temperature gets to around 0.

The snowflake is an indicator that it is possible for ice to be present on the road. The other one indicates that you need to add windshield wiper fluid to the vehicle...once it is above 32 degrees the red snowflake will go off and a yellow one will come on, once it is above 40 degrees outside the yellow light will shut off as well

Replace both sides with correct dual element bulbs which may be the culprit here

thats a cold weather warning,its getting to freezing point !!

I have a '99 Mercury Cougar & I've been read somewhere that the snowflakes have to do with the outside temp. & traction. I think it's warning you that it may be slippery or icy. I've noticed that when it's +3 to about -2 or -3, the yellow snowflake shows up. Any anything colder than -3 shows the red snowflake. The other lights: the wrench comes up in yellow. That one has always turned on after a certain amount of km's & it's advising you that your car needs a check-up (that's when I know I should look into getting an oil change). You can turn this light off by holding down the two buttons above & below the 'clock' button. Hold them down together for at least 5 seconds & that wrench light should go off. Otherwise, there is a light for checking your breaks (upside down exclamation mark), low windshield fluid. I can't think of any other ones but I hope this helps.