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740 Turbo activates all by itself 700

"Pressed the button to turn it off, and it stayed on for about 5 miles (with me alternately pressing the button, thinking it might turn off one of these times)."

Are you referring to the button on the side of the shifter? The overdrive light is an orange/amber arrow that points upward. The indicator illuminates when you have locked out overdrive via the pushbutton on the shifter, or when the overdrive relay has failed and prevents the car from shifting into OD.

The 240 turbos had a "TURBO" idiot light in the instrument cluster, but late model 740/940 turbos that I have seen do not (someone else asked what year your car is). IIRC, the "turbo" light means that there is something amiss with the turbocharger or ancillaries. Could mean that the turbo is overboosting which can be fatal under hard acceleration. Check the actuator hose at the wastegate. If it is split or simply not there, the wastegate will not open.






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