My epson Emp-53 projector lights up then shots off with red light flashing.Exhaust fan does not run.

Possible hardware failure, unfortunately.
Disconnect it from all the devices connected to it. Turn it on and off.
You can also log on to epson.com to check the user's manual http://www.epson.com/cgi-bin/Store/support/supDetail.jsp?BV_UseBVCookie=yes&infoType=Doc&oid=19626&prodoid=25951376.
If your unit is still under warranty please contact epson support to get a replacement.
If your unit is not under warranty anymore, please log on to epson.com. Go to the drivers and support page and click on help me find a service center to send your printer to an epson certified servicer near to your area.

Check the bulb assembly for correct seating. also, the bulb case cover needs to be properly seated so it will hold a micro switch closed causing the fan to turn on.