Yes, the light will go out if the problem is fixed.
If it is the x18xe engine (pretty sure it will be) the cam belt does not need to be touched but you will have to remove the cambelt cover.
Buy or borrow the Haynes workshop manual for your car, costs about £20 from Halfords etc, or try charity shops etc.
It has full instructions with pics and tech data to help you do loads of maintenance and repair jobs, I buy one for every car I buy.
Brian, January 2011
