Most likely it going to be a power supply related problem. The red blinking light is a code for a TV tech to diagnose the problem on the power supply board itself or the board that regulates the power for the screen. Some manufactures call it a Backlight Inverter Board. A TV repair shop should be able to look at it for you and tell you which board is bad.
Replacement boards can be found at a good price at Shopjimmy.com
Possible cap on your power suppy or either its the panel. I had the same issue and it ended up being a bad panel and the only way to replace those would be to pick up the exact same tv and model and swap boards to make a good tv.
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42 plasma flashing blinking 4 red lights 42PF7321D/37 screen does not come on need help
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