LOW COOLANT light is normally triggered by the coolant level sensor.  This sensor does not normally fail, but a broken wire is not uncommon.  Check to see if the wire isn't broken before going any further; check the top of the sensor (located at the top and middle of the radiator with the hex fitting), as this is common wire breaking point.

If the sensor and wiring are still intact, there are lots of ways for coolant to escape.

Questions?  Comments?  Send mail to:  reted@fc3spro.com