When turning on the television it goes to this red blinking light
Most likely the power supply, buy it from http://www.shopjimmy.com/ they have the best prices anywhere. and techs to help if needed
SOURCE: 42'plasma phillips tv
I had the same problem and fixed with a great online tutorial. Just replace 3 capacitors available at Radioshack onthe the board. 2662, 2663, 2664 1 is a 1000uf the others are 100uf. Max Volts need to be over 25. It worked great, check http://dynamicorange.com/2008/06/25/fixing-a-plasma-tv/
for more detail.
SOURCE: No power to my Phillips 42 inch Plasma
Most likely it going to be a power supply related problem. The red blinking light is a code for a TV tech to diagnose the problem on the power supply board itself or the board that regulates the power for the screen. Some manufactures call it a Backlight Inverter Board. A TV repair shop should be able to look at it for you and tell you which board is bad.
Replacement boards can be found at a good price at Shopjimmy.com
SOURCE: Philips 42" Flat Screen Plasma - blinking red light 7 times - HELP please!
Here is a photo of the board where I have removed the two from my TV. You can see the two open holes.
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