O2 Sensor / service light

I have a 93 BPA. The service engine light comes on from time to time right after heavy acceleration, and then it goes out about 10 minutes later. The code comes up as the O2 sensor. I have been told that the O2 is probably dirty, and if cleaned, it would probaly help or completely fix the problem....or just get a new one. I was also told that the engine won't suffer any harm overall....until the light stays on perminately.
What are the facts behind this issue, and thanks for any info provided!

And the code is?

If you have an o2 sensor problem, the most noticeable problem you may get is really bad gas mileage. Like maxwedge asked, what code are you getting because we'll be able to pinpoint the problem better for you.

I was a little outta the loop on what the OBD actually read....but a friend of mine has a code reader, and he called the dealer to have the code confirmed. O2 sensor is the issue.
I am not getting bad gas mileage....and there isn't any noticable change with anything, except the service light popping on/off every so often after hard acceleration. That is why I asked (in my original post) if it is worth cleaning the sensor just because it won't cost me anything?....so long as I don't break it when removing it.
BTW....how many O2's are on this vehicle?
Thanks again everyone!!!

The '93 has 1 O2 sensor, and I believe '93 was the first year in which the 3800 was equipped with heated O2 sensors (2 leads leading to it verses just one) Your best bet is to replace it if it's a really old component. Also, an O2 code can also mean a problem with the O2 circuit, and the sensor itself could possibly be just fine! Good luck!