Theft Light
The only thing that flashes on my 2004 Explorer is the red light that sits on top of the dash and is in the center of dash.
When I attempt to start it, this light starts flashing repeatedly when it will not start. If I leave the key in and in the on position, it goes to a steady red after about 30 seconds.
Strange thing is that in order for me to successfully start the vehicle, when this happens, is to turn the wheel left and right and cycle the ignition switch repeatedly.
If it starts and I shut it off, I am able to start it again with no problems. However, if I let the vehicle sit shutoff for some time, it will most likely not start again. Thus, I have the flashing red light on top of the dash.
By the way, it does it for both keys...