What everyone is trying to say is it looks like your bank 1 precat is bad (this is the one on the firewall side IIRC). You can either get it replaced or "gut it." Replacing it is expensive due to parts and labor. Gutting it is somewhat difficult due to the need to remove the manifold, plus it is technically illegal and could potentially cause your car to have trouble meeting emissions (but probably not). Plus you'll need to install the "MIL eliminator," which is a component that mimics an O2 sensor in order to "fool" the PCM into thinking eveything's cool.
My advice: If you want to save money and have lots of time, tools, and mechanical ability, try gutting it. Otherwise bring it to a shop and get the cat replaced.
