Hello all..
This is my first post...Like what i am seeing thus far...look foward to interacting with you all...
Hope I can borrow some of your guy's knowledge on my vehicle as I know very little mechanically...so don't be afraid to use "baby words" with me..

Sorry if this is too long..but I want to be as descriptive as possible so that you guys get the clear picture..
Here is the deal:
I have an 00 automatic 1.8 and use it mighty heavily to commute...heard about the durability and economy of the corolla so I took the plunge...first 1.5 years about 360 miles daily from North PA to NY and for the last 1.5 years from North Pa to philly area..about 410 miles daily 4 days a week...It now has...hold your hats....
152k + miles...for a vehicle just under 3 years old... yes thats a "1" before the "5"
I have performed "oil changes" myself like clockwork..for the first 100k every 5k miles..since every 3k...
My first boo-boo was not giving it a tune up till 120k I mistakingly thought it was a 100k till first tuneup thing and when i noticed manual...it obviously was overdue...It however was running and performing just fine...B/c of scheduling and finances(since i wanted to make sure it was done correctly and wanted to take to a Toyota dealer) I ended up wating till the 120 k service time..
At about 115k the check engine light went on...I figured their is the first sign...I already had my appointment scheduled anyway so I pressed on..had the 120 k service done at the dealer and thought the problem was solved...wrong..about 100+ miles later, again it went off ...so not wanting to get charged an arm and a leg for an engine diag. at the dealer, I went to pep boys and had it done....
results were this: it read
"PO 420" Catalyst system efficiency below threshold"
possible bad cat, O2 sensor circuitry, or sensor itself"
They were recommending 02 replacement...when they looked it up they said their were 2 of them and would run I believe $200+ for one and $150+ for the other...no guarantee it would solve the problem..and if I blew them again...too big a risk..for me plus no $ anyway...
i asked if the car was in danger of breaking down they said no...
This is where i am today..I tend to hear a kind of muffling, hoarse noise when i accelarate..figured it must be the Cat. tried to get one from midas and a local parts store...both say it was not listed for this vehicle since it should still be under warranty...not for me that is ...5 yr/100k does not apply....
Also bought the Haynes book..it says only California corollas have two O2 sensors..not mine...is this true?
Bottom line is this guys...the dealer is probably gonna nail me a new one to replace o2 and cat... so what are my options..??
How in danger of killing this already abused machine before I even finish paying it off???..

Could it die on me at any minute...?? It still appears to be driving just fine...Any advise would be much appreciated...Sorry again for the "War and Peace" version but I wanted to give you all the facts...maybe I am not the only guy out there who could benefit from this.....
No, I probably am..Geez on pace for over a 1/4 million miles by the time I pay it off.......