help! on my way home from work and got a cherk engine light! code 1

turned off the car for a min. turned it back on, the light was off but the code was still blinking. i think i might have a small hole in a wield right before my muffler could that be the source of "oxgen content" (code 1) or could it be a bad 02 sensor, a fluke thing, what?:dunno: