The idle control valve (IAC) controls the idle speed by changing the amount of air that will bypass into the intake manifold. It's activated by the ECU (engine control unit; your computer) depending upon the running condition of the engine (A/C on or off, Power steering, cold and warm running, etc.). So, you may have some inconsistency in your idle speed, and you may burn a bit more gas if the idle goes a little high, or you might stall now and then, but I wouldn't think it was immediate problem situation. Don't, however, let it go on forever.
Hope this helps you.
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