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Are you referring to warning lights on the dash board? The flashing battery light may mean you have a charging problem and the flashing brake light may mean you need break fluid or have an other brake issue. Take it to a service station or the dealer. Or read the owners manual.
If the Passlock switch has been replaced, the computer has to "learn" the new Passlock code. You will need to hook up a battery charger to perform the learning process. (It takes about 30 minutes with the key in the "ON" position and it will run the battery down.)
Turn the key to the "START" position and release to the "RUN" position. The "SECURITY" light will be flashing. After about 10 minutes, the light will stop flashing.
Turn the key "OFF" then back to the "RUN" position. (Do NOT try to crank it yet) The light will start flashing again. Wait about 10 minutes for it to stop flashing.
Turn the key "OFF" and back to "RUN" one last time. The light will be flashing again. This time, when it stops flashing, do not turn the ignition off. Instead, turn the key from the "RUN" position to "START". The engine should start and run. The computer has now learned the new Passlock code.
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well first see if your theft system is flashing on the dash,, if it is then that is your problem and it weill have to be reset. turn you car to the on position where all the icon light up on the dash. the therft will flash .. leave it on the on position for 10 to 15 minutes till it stops flashing . Now turn it off and your ready to go
If you want to initiate a new master key....
1. Insert new key into ignition cylinder and turn it to the ON (RUN) position. The security light on the dash will flash for fifteen minutes.
2. When the security light stops flashing, you have FIVE minutes to start the next step. Turn the ignition cylinder OFF and then back to the ON (RUN) position. The security light on the dash will flash for fifteen more minutes.
3. When the security light stops flashing, you have FIVE minutes to start the next step. Turn the ignition cylinder to OFF and then back ON (RUN) position. The dash will flash for fifteen more minutes.
4. After the security light stops flashing the third time, the new key has been programmed into the vehicles computer and will operate the car. It has replaced ALL the previous electronic key codes and is the ONLY key programmed into the vehicles computer.
The dealership should be able to do this for you without a current key, of course this means towing the vehicle to them. See if they will sell you a key and you program it yourself.
hope this helps. I found the above info at FordF150.net