Loud Idle With Engine Light On And Trac Off Light Flashing

[TyD]

Looking a for a little insight as to what might be wrong with my car.

'03 IS300 (195,900km) with a loud (grumbly?) idle, the Engine Light on and the Trac Off light flashing on and off every 2 seconds. Loud idle has been present for approx. 2 months, but figured it was a hole in the muffler, near to the motor. Both Engine and Trac Off lights appeared within the last 48hrs. No change in performance or driving behaviour. A more noticeable amount of heat whenever the hood is popped is now evident.

My budget dictates what I can repair, but was hoping to have an idea of what needs to be fixed/replaced (and the cost) before I take it to the Shop or the Dealer.

Any assistance would be greatly appreciated.

Cheers

Ty