Warning tone? When I turn on my machine the stitch selector light flashes at 88, all the stitch selector lights flash on and off, and the machine emits a high pitched beep. What's going on and how do I fix this?

Not a light, but a little red dot the travels right and left across the face as you turn the selector knob on the right.

It should still be under warranty. Take it to a Singer technician.

Sounds like you've got a thread jam going on in the bobbin case area. Good cleaning and a new needle will probably fix it. See: https://answers.yahoo.com/question/index?qid=20091202121550AAHxN8y

is the bobbin lever back in it's original position? it could be a problem with the computer, here is a link for a free manual, just in case you don't have one
http://www.singerco.com/uploads/download/466_7462_efs.pdf

You said "trying to THREAD the bobbin." Did you mean it happens when you put an empty bobbin on and push the spindle to the right? Is your needle all the way up? If so, pull the buttonhole lever ALL the way down, then smack it up, and check to make sure the twin needle lever is not selected. Frankly, I'm not in love with that system anyway; you might think about purchasing an inexpensive Sidewinder for less than $20. You can order from WalMart online; if you pick it up at a WalMart or FedEx facility like Kinko's, shipping is free. Believe me, you'll do yourself a favor; many problems with these machines are actually caused by loosely wound and/or badly wound bobbins. Also, think about purchasing prewounds; they're actually cheaper than winding your own.

Try zero your embroidery hoop carriage by off/on your machine before your next application, if no result disconect your embroidery unit and connect back again ensuring it is properly connected. Hope the problem can be solved.

I bought a Janome 627 from a second hand shop in Melbourne, Australia. The pattern selector on that machine was stuck - you could select the right-most stitches but it would not move to the stitches to the left of the button holes. I opened the machine and lubricated the stitch selector plate, and other the nylon gears, with Triflow clear synthetic grease. These plates/gears are white. I also gently raised the metal arm connected to the selector plate to the left a little with my finger to help ease it across as I turned the selector button towards the stiches on the left. I could see how the arm needed to raise a little to click into each stitch so I gently helped it do the raise movement. It is clear which arm, as it was the one moving as I changed between the stitches that were able to be selected. After a few uses the stitch selector would move through all stitches on its own and weeks later it still does.

sounds like there something wrong with the computer part of the machine
it needs to be serviced

Your machine could be defective. Take it back where it was purchased.

Hi Gaden....It's obvious by your post that you have advanced knowledge in sewing/machines including maintenance, so I feel very confident that your issue can be resolved by updating your software. Please click on the URL below, and download the approriate updates that correspond with your equipment.......Please update your post so I'm aware of your status....good luck my friend http://futura-support.com/downloads/patch.htm