What's wrong with my amp?

Sounds like you might be crossing the line from the "playing by myself, learning stuff; this is fun" to "I have some chops; I can , and want to, play in a band, this is really fun!" It's a great time, but it also means looking at up grading, and spending some money, on better equipment that will allow you to continue your journey as a bass player. Good luck and keep the groove.
 
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just try to remove the speaker and you will see whats wrong, i had that problem with my marshall 410 silver edition cabinet, one guy cranked my sunn 300T and he blow one speaker, lucky he, i was not there. the driver spider came off. easy fix, but i didn`t know then... so my friend bought the new one.
 
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Thanks everyone I appreciate it! I think, like lots of you said, that I blew the speaker by diming the gain and lows. I'll open it up today and take a look, and let y'all know how everything turns out!