If the alarm is going off...it prevents the car from running. It's essentially a kill switch.
I had a code 12/24/52 before. I replaced the CPS...didn't get any better...(you can have my old one if you want as long as you cover shipping)...and it turned out to be a short in in the series at the water temp sensor. These cars are old...so electrical stuff is getting brittle. You'll have to inspect some stuff first to see if it's cracked or corroded...and then start replacing some of the inexpensive pieces related to the code. Or bring it to someone who knows how to work on these and pay them $60-120/hour to figure it out....
...I am by far from any mechanical expert....I'm just speaking from 15 years of owning these things...
Someone else could articulate this a little better...but it's the basic idea of troubleshooting....and process of elimination.