Traction control helps by controlling the engine power to the drive wheels to prevent wheel spin. When traction control is OFF then you can apply all power to the drive wheels and it could cause loss of control and or wheel spin.
Some traction control systems will apply the brake (slightly) on the wheel that is spinning faster. This transfers power to the wheel that has traction. When trac off light is lit, this feature is disabled. No big issue. Car should drive just fine. Will not cause a loss of control or anything. The owners manual covers the issue of how to turn on, and off, that option.
This is probably a speed sensor causing it. Is the ABS light on as well by some chance? If so the sensor should be about $65. Use a computer "the auto part store should be able to link up to your vehicle to narrow down which one it is" Should be easy to self replace.. Sometimes there are teeth knocked off of your half shaft that will cause it.. If so, its not really worth replacing the shaft.. Shouldn't cause problems later
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