Alright so this has been bugging me ever since i bought this car.....what is the light on the dash that says REV?

 

That's your rev light.

use your odometer stick to adjust it

trip A -> trip B -> rev -> trip A -> trip B -> rev

You get the idea.

You set the RPM that it turns your shift light on at. It'll start to blink 500 rpm under what you set, and turn solid at the rpm you set.

 

so that light stays on all the time then? i have set the rpms for the shiftlight to come on. I tested it and a red light comes on underneath it when i get near my shift point

 

That's exactly what it is supposed to do.

This has been discussed several times so check the search as well.