[lkchris]

The basic reason check engine lights exist is USA govt mandate that a warning be given if the engine loses tune to the point it pollutes more than it should.

Most of the times the misbehaving component is some sort of add-on thing such as a sensor, cat converter, etc. nothing likely catastrophic about those failures. On these engines, however, there could also be timing chain problems which could become more serious.

Given your seeming novice status when it comes to these things, it's going to be extra important you find an honest service group to diagnose the problem. It's a Porsche specialist much more than the guys at Pep Boys without question. Contact with members of your local Porsche club is highly recommended.