This seems like you have two separate errors.
For the loss of ink problem, see my previous posts about under head cleaning
. This should get you going again, but if not, there is another known issue which causes these machines to stoip printing. This problem stems from a manufacturing "feature" which results in a broken pipe. To get a fix for this you should contact http://www.TheServiceManualShop.com
and ask about there countermeasure for loss of ink in the Photo R series
The second error with the flashing lights depends on the sequence in which they flash. If the power light is off and the Ink and Paper lights flash half second on and half second off but alternating, then you have a maintenance request. This is easy to sort with yet another kit from The Service Manual Shop (R220 rescue kit)
If the sequence is Power light off but ink and paper flashing simultaneously then you have a fatal error. These are somewhat harder to attempt to fix and may require specialist knowledge and big parts that put the machine beyond economical repair.
Having said that, it can be worth taking the machine apart and removing the ASF assembly then reassembling as sometimes the feed mechanism ties itself in a knot and throws up a scary error.
Hope this helps a little