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Yes, you can drive the car with the SES light on if you have no other issues, but at some point you may have to deal with it. Give it some time with a different (premium) gas and see if the SES light goes out. The O2 sensor code and the SES light may have been triggered by a higher amount of ethanol (puts more O2 into the exhaust) in that particular gasoline that your wife bought, particularly if you have a marginal O2 sensor or cat. BUT, the pinging by itself will not set a code, or put on the SES light. A "failed" knock sensor will also NOT put on the SES light, but as you do supposedly have the code for the knock sensor it may actually have failed. But run for a bit with the premium gas and see if that stops the pinging no.1, and see how the performance is (lots of "snap", and reasonable fuel mileage), and also see if the SES light goes out. Some members on this forum in the past have reported poor performance (probably from retarded timing) and then later on discovered the failed knock sensor.
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