The code means that the motor is running too lean (not enough fuel for the amount of air in the engine). It's possible that a bad/dirty MAF could cause the problem, but in my experience, most of the time that's the case, you also get a code for the MAF.
I'd guess that there is an air leak somewhere between the MAF and the engine itself. I seem to recall a TSB from Toyota about Corolla intake manifold gaskets, particularly in areas with freezing weather, but I'm not sure if it applies to your car - check with your dealership's service department to be sure.
Beyond that, I'd start checking for intake vacuum leaks. Sometimes they are audible, but other times not. If you know what you're doing, you can check suspected areas by carefully spraying carb/intake cleaner in the area with the engine running. If there's a leak, the rpms will go up temporarily.
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