Blinking red light and nothing else

I need some help. I have both the 2G and 4G versions and love them. Unfortunately, my 2G has decided to die. I power up and the blue and red lights come on but the red light just starts blinking and I can't get it to do anything else. I have followed all of the troubleshooting tips (hard boot, power through CN2, reinstall/reload/flash etc.) except flashing the bios at the hardware level which is a little beyond my skills. I'm not exactly sure I did any of the reinstall/reload/flash correctly since the only thing it does is blink and I can't get it to do anyhing else.

Can you tell me what is wrong with it? Is there anything that I can do that will change it from just blinking? Is there anything else I can try or do I just need to give in and request an RMA?

Thanks,
Grant