Norm and Junkman hit it. The actual term for that part is a noise suppressor but it's just a condensor. It isn't needed for modern stereo's, only the original factory ones. There is better shielding in middle to good quality modern stereo decks so the suppressors aren't needed. The noise suppressors are also used on the ignition system, and there again are not needed with modern stereos. That is unless you bought one of those brand new 50.00 made in China CD players that are advertised one in awhile.
The light going on may be a bad alternator, but it can also be a partially bad bulb check relay which is fed by the regulator in the alternator.
The factory gauges aren't very accurate, so previous advice is right on when they say that you need to use something else to confirm your actual alternator output. Perfect alt output is about 14.2 volts but the acceptable output range is actually 13.8 to 15.2 volts for just about all vehicles.
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