Diagnosis needed on car trouble

[Indy]

I need some help diagnosing a problem that keeps occuring in my car.

When I hit gas in it, there is a bad hesitation before it takes off.  It instantly revs up and I get a chirping sound from the back end but there is a delay before it actually takes off.

And this light on my dash also starts flashing.

But the car is going straight, so I think it's just confused.  Well, it's usually going straight, did get a little sideways today making a turn out of a light, so that time it might have been accurate.