What is the meaning of a warning light with gears in a triangle mean on a 328xi?

I have a 1998 323iC. On my car, this means that the traction control is turned off. Also known as Automatic Stability Control (ASC). There should be a button on your console labelled ASC.

If it is a gear with a triangle containing an exclamation point (!), it means that, for some reason, the ASC has been activated, like spinning the drive tires on a slippery road.