Thr flashing engine light indicates that the engine misfired and that the misfires and poor running of the engine will damage the catalytic converter and emission components. The racing condition could also be caused by a bad Ignition control module (ICM) or a fault engine control module (ECM) If this goes on long enough, it could ruin your catalytic converter.
What i was thinking could be the problem could be a vacuum leak in teh engine compartment. if a vacuum hose gets detached i know that it will make some cars rev up high like that and then make the check engine light come on....so look for that...if thats it its easy to replace. just buy the length of hose from a hardware store n attach. let me know.....ill look it up
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