If I am using a versatile weapon, and my wild rage table makes the weapon magical and light, then would i use the 1 handed dmg or the 2 handed dmg? I would think I could do the 2 handed dmg, because if that happened to a greataxe, I think you would be able to swing it in one hand without a dmg reduction.

Just because a weapon gains the light property, it doesn't lose any other property it has. So, even a Greataxe would still be 2-handed even if light.

So with a versatile weapon, by RAW, you would still only cause the one-handed damage if you used it single handed, and you would cause the 2 handed damage only if you used 2 hands.

light and versatile have nothing to do with each other. The weapon would simply be both.

Honestly, I'm not sure what they were going for with that feature. If you're wielding a two-handed weapon, the light keyword doesn't do anything for you. If you're wielding a one-handed-weapon, you almost certainly have a shield or are already wielding two weapons that you can attack with. The thrown part has obvious use, but light? I don't get it.

You can dual wield versatile weapons like longswords or battle axes without the Dual Wielder feat.

Not with this feature though. It works on one weapon, not two. So best case scenario you swap one versatile weapon into your two weapon build, for an average damage increase of 1. Unless the weapons you already use are magical, in which case the swap might actually be a downgrade. Unless you carry around an extra magic weapon just on the off chance you get this result on the table.