note that this will turn your gps off and when you use a program that requires gps you will always have to watch for the dialogue box that will pop up and ask for permission to use gps.
Actually, now that I see you have the Storm, I can tell you that the symbol is for GPS. If it is just the bullseye, it means you your GPS is set to "E911 Only". If you see something like this: O))) That means you have GPS set to "Location On".
I could be wrong, but I don't think you can turn it totally off, meaning you can't make that symbol go away without a custom theme.