Both ink and paper lights are flashing, printer

the waste ink tank beneath the printer is full. it will cost more to fix this than a new printer. take a look at the Epson NX and Workforce series and get yourself a good printer with a year fedex replacement warranty.

EPSON R2x0/R3x0
Turn on power.
Press and hold buttons:
R3x0: STOP, MANITENANCE and POWER;
R2x0: POWER, INK, PAPER;
Hold for 12 seconds. You will need to rest the overflow counter. Google for ssclg.com to download freeware resetter. There site was down when I just went there, but there are others distributing this shareware.