Possible frame corrosion -- ideas?

Dear Bike Forum Members,

I have a Scott Speedster with bubble appearing under the paint towards the front. I purchased this bike probably around 5 years ago and would love to get many more miles on it.

I use my pain cave quite a bit, and cycle on the trainer 3-5 times per week, so sweat is common.

I've taken pictures and posted within my bikeforums album numbered 14005614

I'm not quite sure what the next steps should be. I'm wondering:
1. How can I fix this?
2. What might happen if I don't fix it?

Best regards,
John