Its the lock button. You push it and turn the key all the way off. Not supposed to be able to take key out but when they get worn that doesn't work so well.
Overdrive is highest gear. It's so you can cruise at 70 ad not be above 4k.
Overdrive means the output speed is faster than the input speed of a gear set. It lowers engine speed resulting in better fuel economy in steady cruising. However, it is harder to accelerate since the speed is increased.
Unless you mean the button on the dashboard (not the steering column) to the inside of the hazard switch. In that case, it's the headlight washers. This is only active if the headlights are up.
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