My LG 32CS460-UC will not turn on It has a red light flashing in the lower right corner

Fault in the main power supply regulator board. Check and replace damaged component/s at its main power regulator [SMPS] section circuit. Contact any service technician. If you wish to get some details; check the site linked here. Surf the site with patience. Pull up older posts.
http://electronicshelponline.blogspot.com/
It will be best to replace the power supply regulator board as card basis rather than making "Surgery" to it; which usually will make loss for both money and time. Even though you can make it right, it will cost around an amount equal to the cost of a new board; including the cost of (spare parts + service charge) More to say, most of the spare parts to it will be difficult to get from open electronic spare part market. This is true to most of the flat panel TV power supply boards; irrespective of its brand and screen size.

remove the update..... look for the previous firmware and re-install.

Most likely bad main board, but could be key pad on the side of the TV, Turn on TV the disconnect the keypad wire harness, if the TV stays on or doesn't change channels it is a bad key pad.

I can give you some advice on the first thing you need to try. Unplug the tv for 10 minutes. Plug the tv back into the wall or power strip. Try powering on the tv. This may work or may not. It is important to try this before moving on to more complicated troubleshooting.

All put the name in with the model. Its a LG .Your power supply is down. This could be capitator or transitor bad if the caps are swelled up replace them with the same value .

The red light means it's on standby mode but if you wish to turn off the red light you can just go to menu >option>power then choose standby light off.

Tod,
The little plastic button you are referring to is the IR receiver for the Remote. When the TV turns itself off, are there any flashing lights on the front or rear of the unit. Look through the vents in the rear for any flashing lights or try tuning the tv on in a dark room and see if any lights flash and reflect off of walls. If there are flashing lights tell me how many flashes and what color and I will try to look them up in the manual.

that is the battery light, it means you need to charge it.

The flashing light indicates a failure with-in the tv, the amount of blinks will coincide with a particular fault scenario. Tell me how many times the light blinks and I can tell you the problem. However, the tv will need servicing from your local shop. This tv is too complex to walk you through fixing this problem with Philips plasma tvs.

Ur power inverter board is dead.
U need a new one.
U getting power don't mean it good.