My Sony KDL V32XBR2 stand by light keeps blinking in blocks of 4

SOURCE: Sony Bravia KDL 46", no picture, standby light blinks 4 times

Since the TV is still receiving power, the problem is going to be with the TV's mainboard.  After you unplugged the TV and plugged it back in, you said the power light went out again, so I assume the standby light wasn't flashing again?  The flashing standby light is indicating an error code so my suggestion is to contact Sony for service options regardless if there is a warranty or not because service is the only solution to this situation.  Don't forget to provide them the error code or 4 flashes repeating.

SOURCE: MY SONY KDL-40S4100 IS ON STAND BY AND THE RED

The most likely the TV has a power supply related problem. The most common thing to go out is the circuit board that supply power to the screen. Commonly called a Backlight Inverter Board.
I can't say it's 100% the problem because I can't actually look at the tv over the internet.
If by chance the TV is still under warranty, go that route.
If not under warranty and If you have some electronic experience, you can purchase a Service Manual over the internet and diagnose the source of the problem and fix it by soldering in the new part. The Service Manual will give you circuit diagrams, test points, and part# lists. Usually, cost under $20.

I hope I shed some light on the subject for you.

SOURCE: Sony KDL-32V2500 : It comes on and after few

This is sort of a generic answer but I found this info about Sony blink codes. Hope it helps!

http://www.agoraquest.com/viewtopic.php?forum=70&topic=31721