I have a 14.4 volt cordless drill that when I try to charge the battery the red light goes from a slow to a rapid blinking after about 60 seconds. The battery does not hold a charge regardless of the time in the charger.

One thing I,ve found with cordless tool batteries is that if they're completely dead, the charger won't recognize them. Try hooking a known good battery with a charge up to the problem battery, terminal for terminal, with small jumpers. Leave it hooked up for a minute, maybe a minute and a half. this should be sufficient to provide just enough charge to bring the battery up to the "threshold level" required for the charger to recognize it. Then, simply charge the battery in the normal way. If this doesn't work, you may need new batteries, or a new charger. Hope this helps you.