well thanks for the advice everyone.  i do indeed have a 2.1 wbx, and it
rolled over 120k miles just before the oil light last came on.  i know
that it is about time to rebuild or replace this engine, but i'm hoping
to wait until snowboarding season is over to do it since this is my only
car and i can't very well ride my motorcycle to the mountain!

the scenario posed in boston bob's article seems like a probable
explanation: some bearing is wearing down, a clearance is increasing,
and too much oil is escaping.  the only thing i don't understand is why
this would be exacerbated by heavy engine load or high engine speed.  it
seems to me that the oil pump is spinning faster at high engine speed
and could more easily maintain output pressure at a high flow rate.

i have heard people mention a high oil pressure sensor... does that also
set off the light and buzzer?  could i actually be having excessive
pressure?

i guess in the end i just need an oil pressure gauge.  is it possible to
install a sender for one in place of switch that drives the light?  i
have also been thinking of switching to a full synthetic oil, but i'm
afraid that my oil leakage/consumption will worsen.

Ben.