I talked to both Toshiba and American TV (which is a Toshiba authorized repair facility) today. Like some of the responses above, Toshiba said the flashing light tells you there is something with the power board, most likely a transistor. Worse case would be the power board needing replaced.
Anyway, it is 79bucks for someone to come look at it in my house, or 39bucks if I take it to American for repair. It is a heavy mother, but I think I'll find a way to take it back to the place of purchase.
Hopefully it will be an easy repair...