Read the manual saw a post or two here about it, got myself out of wheel spin a few times by pressing it once but this video made it more clear, hope it helps.The lights are changed up somewhat, from what I see on mine with the same sequence i.e. when the Corolla shows TRAC OFF, I see the slippery vehicle symbol on my dash and the Corolla uses that symbol for what my Vibe uses for VSC OFF. You're better off just watching it (manual pp. 8-21)
http://www.youtube.com/watch?v=C19yAbjsKro