You can disconnect your battery or maybe have to pull a fuse for a few seconds and you'll reset the check engine light. If you want, drive around some more and see if it comes back on with the same code.
1 second google search brought up a list of catalytic convertors for your car
Car Part Wholesale - Auto Parts and Accessories Catalog - Catalytic Converter For 1998 Toyota Corolla LE 4 Cyl 1.8L
Prices ranging from $75 on up. Some only 49 state legal, some 50 state legal, choose accordingly.
It's a very easy fix. If you can change a tire, you can change this. The hardest part is just trying to get the bolts off without stripping them or bloodying your knuckles.
If you order it from the link here, make sure it's actually correct for what you need.