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"Inactive status" means the warrant was issued on a case that has since become inactive. The warrant itself is still good, however. If you are stopped by the police, they run a wants and warrants check on you, and this warrant shows up (as it undoubtedly will), the police can/will hold you until they consult with the court that issued the warrant.
Before you are stopped by the police and held on the warrant (this usually happens when it is most inconvenient) you should check with the court that issued the warrant to determine the status of the underlying case. If the court/prosecutor no longer wants to pursue the underlying case (for instance, if it's an old case in which they're no longer interested), you can ask to have the case/warrant dismissed.