I have a light on my dash it looks like a oblong with little lines on both sides and heat waves on top What does that it mean?

When a clutch wears out, the plate and the pads don't meet and you get slippage, this results in loss of acceleration and soon they wont meet enough to move the unit at all. You can also smell the pads burning from heat

Usually it has to do with coolant (antifreeze). These waves are horizontal. Vertical waves usually have to do with heating related items (defroster, recirculate). Look in your owners manual.

this is a coolant indicator light. it could be low coolant in the system or the sensor is bad.

It sounds like the check engine light

Rear defroster

That's the low coolant light. Looks like an arrow pointing at little waves. Get some coolant in that car asap!

the 2 waves ARE water and the lid is on top,what do you think it means???(its overheating.)

Download this pdf. http://www.onlinefreeebooks.net/go.php?url=http://qrg.toyotapartsandservice.com/pdfs/2005_Corolla.pdf

Go to page 5. The illuminated light in your car should be listed in the pdf.

Hope this helps.

check your manual or call service dept and ask, sometimes they are really good, if you get a bad representative call a different dealer
if you provide year it would be helpful when posting.

The car is low on Antifreeze check the coolant level.