I just got my first jeep last week, a 77 CJ5 Renegade Levi Edition, it has the 304 and the 3 speed, and it runs amazing for being as old as it is, and i know for a fact the previous owner spent a little over 4 grand rebuildin the motor, a new carb, alternator, starter and water pump, and a new rearend, but for some reason there is a glowing red light on the dash that says something like "emgcy drive" or something. What the heck is this light?  

The Renegade has the actual oil pressure gauge? correct. isn't this either the oil pressure light or the emergency brake light? push in slightly or pull out on the emergency brake peddle. sounds like the switch is stuck. I could be wrong so anyone feel free to jump in.  

First of all, it does have the oil pressure gauge, and it is the only gauge that works, but i think its probably the emergency brake, cause the parking brake doesnt work. Im not sure why it doesnt work, or the gauges for that matter, but i aint had it a week and ive been enjoying the warm north georgia weather so i aint even looked. Thanks for helping me out.