I'm pretty sure flashing red means your eeprom is toast. If you're using a softmod, it means you'll have to put a chip in it. Then you'll need to put a bios on the chip that can boot with out a working eeprom, ie m7/4981 with an eeprom embeded by xbtool, cromwell, or one of the os based modchips. sorry for the bad news, but it could be worse. good luck.
EDIT: Ronin, you might be fucked. yes it is possible to replace the eepron chip, but you need to get one from another 1.6. It is not the easiest task to do and finding an eeprom chip from a 1.6 probably wont be easy either. If your hard drive is locked you'll want to unlock it before you do anything. The master password should be should be teamassembly, but I'm not sure so look up the program you used to lock it. If you're wondering why it happened, it's because config magic is not compatible with 1.6 eeproms. easiest solution, is either an new motherboard, or new xbox.
This post has been edited by ddkore: Nov 13 2004, 10:38 PM