'97 Olds Cutlass check engine light/poor accel/clicking

I recently bought a '97 Oldsmobile Cutlass. It ran great when I test drove it, but after I paid for it and picked it up the next day, it's been accelerating poorly. Not all the time, but about half the time I accelerate, it feels like I'm giving it gas and it's just not doing anything. Also, the check engine light came on a few days ago, and the only code was P0110, which I believe is "Intake air temperature circuit malfunction". I don't know what this means, or if it's even important. Also, another light keeps coming on, but I don't know what it means. It's red, and it looks like a small squarish tank with fluid in the bottom and an arrow inside the tank pointing downward. I'm thinking it's transmission fluid, but I'm not sure. Finally, there is a clicking noise which sounds like it's coming from the center of the engine, and it increases when I give it gas. I think this is a separate issue, but I'm not sure. Please help if you can.