What is the red light indicator on left dashboard of a 96 Chevy cavalier it looks like box with little cap top down arrow facing waves that look kind liquid?

That sounds like the low coolant level warning light. The description of a box with a cap and downward-pointing arrow often represents a coolant reservoir. The wavy lines indicate the liquid nature of the coolant. A red light means it's critically low and you should check your coolant level immediately. Driving with low coolant can severely damage your engine.