P0420 = Catalyst system efficiency below threshold(bank 1). Possible causes are damaged O2 sensor, malfunctioning ECT, High fuel pressure, Damaged manifold, Damaged Cat converter, Oil contamination, Cylinder misfiring, Downstream O2 sensor wires improperly connected, Damaged muffler/tailpipe assembly, Retarded spark timing., All that straight from the manual.
The diagnostic routines follow from that - If you've got a bad O2 sensor you should have other DTC's from the HO2S monitor (codes in the 100's I think). If you've got no other codes the likely suspect is an exhaust restriction such as a damaged cat or dented pipe, or an exhaust leak.