Yep, same kind of code I got when I had to replace my knock sensor. Since the knock sensor itself is bad it shouldn't hurt the engine to keep driving it. I actually drove mine for six months to a year before I got around to replacing it. Just had to keep re-setting the CEL (have an Scan Gauge code reader in the VX).

You don't need to be super mechanically inclined to replace the knock sensor, but you will have to remove your intake manifold to get to it, and in order to do that there are a lot of hoses and things that you will need to remove. Actually, you MIGHT be able to leave everything connected and just move the intake manifold out of the way enough to get down to the knock sensor.

Like I said, I think I took a few pictures when I replaced mine and I'd be happy to post them up here or try and put together some instructions and send them your way.