Code 27 question

[Thulsa Doom]

I have code 27 flashing on my dash.
Luckily I've used the search function here and elsewhere so I know it's caused by a burnt out bulb near the passenger airbag on/off key switch below the dashboard.
Here's the question:
Is my entire airbag safety system disabled for want of a bulb available at Radio Shack for $1.50?
Seriously, is the safety of myself and passengers diminished due to a faulty lightbulb?

The truck is for my son so it needs to be as safe as possible so naturally I want the airbags to be functional but it also needs tires and is leaking antifreeze after being shut off (water pump?) so there are obviously other big fish to fry with regards to getting it ready.

 

[adsm08]

Yes. If the airbag warning light is on, the system is disabled.

The good news is that airbags suck anyway, especially the early ones like a 95 will have. Seatbelts are there to save your life. Airbags are there because an engineer got bored and started thinking too hard.