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So I just tried it and I guess I have a Slave key because the light went out about 2 seconds after I inserted it. I’m not sure what all that means, but I’m guessing it means I’m not programming my own key, huh? I just got this car and that is the only key that came with it. What are my options here?
I think your only options are Toyota dealer, or reprogram (clear) the immobilizer. Here is the procedure to clear the immobilizer.

MR2 Spyder Immobilizer Flash Procedure
 

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Programming a transponder key is not a secret and if it was it would seem kind of 'stoopid' to just pm it to anyone. The dealers would just rather you didn't know so you can get billed a half hour for 2 minutes of work. Anyway, so to program the key after you've had the local hardware store or whoever cut it to match the master:

get in the car
shut the doors
press and release the brake and gas pedal once
insert your master key into the ignition switch
press and release the gas pedal 5 times
press and release the brake pedal 6 times
remove master key
insert new key
press and release the brake and gas pedal once
wait 80 seconds
remove new key
press brake

and you're done. Something to note, during the 80 second wait you will see your alarm light blinking as if no transponder is present...when the key is done that light will go out because now your new key has a correctly programmed transponder. Lemme know if anyone has troubles with this and I'll see if I can find the site where I got the instructions originally. Also, the gas and brake dance steps that you have to do must be completed within 15 or 20 seconds of the previous step ...not really a hard thing to do but keep that in mind should you be reading the directions while doing it the first time.

I'll see if I can find that link to the store where I bought my key.

NOTE: The procedure below worked perfectly for my 2000:

Here's the correct procedure to program a new key:

  1. Enter the car and close all of the doors.
  2. Simultaneously depress and release both the brake and accelerator pedals just one time.
  3. Within five seconds, insert a working pre-programmed key into the ignition cylinder, and turn to the "on" position.
  4. Within fifteen seconds of turning the ignition, depress and release the accelerator pedal five times for a primary key. (Depress and release four times for a valet key.)
  5. Within twenty seconds, depress and release the brake pedal six times for a primary key. (Depress and release only five times for a valet key.)
  6. Turn the ignition to the "off" position and immediately remove the key.
  7. Within ten seconds of removing the key, insert the new key and turn it to the "on" position.
  8. Within ten seconds, depress and release the accelerator pedal once. The security light will then flash for 60 seconds and then turn off. When the security light stops flashing the programming should be complete.
  9. Start the vehicle to verify that programming was successful.
DaSpyda
Just followed the top instructions on my 2002.
It worked!
I counted 80 seconds and watched the security light. It did stop blinking right on time.

I don't know which key I used to program. I had two and lost one ages ago.
Bought the blank key on Amazon and had our local hardware store cut it. They always do a good job.
Yay!
 

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Ok, so scratch that! It did work... until it didn't.
Just ran an errand. Used new key to get there, but when it was time to come back, it wouldn't start the car. It would almost start, but the engine wouldn't turnover.
I am very happy that I brought my real key! It's a cold rainy night here. Would not have been fun.
I will try programming again tomorrow.

Just followed the top instructions on my 2002.
It worked!
I counted 80 seconds and watched the security light. It did stop blinking right on time.

I don't know which key I used to program. I had two and lost one ages ago.
Bought the blank key on Amazon and had our local hardware store cut it. They always do a good job.
Yay!
 

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The pedal dance definitely does work, I've done it for 2 Spyders now without issue. If the key worked once you should be set, unless you had the original key so close to the ignition when testing the new one that it is what really unlocked the immobilizer.
 
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