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1.
When a task is close to being finished.
Source: In several video games, the boss begins to blink red as he is close to dying.
"Bowser's blinking red."
"How's your essay coming?" "It's blinking red."
by c.willi.m November 22, 2005
6 3
 
2.
Demanding immediate attention, urgent, nearing a deadline.
"Hurry up with that report, dude, it's blinking red."
"I gotta get home. My wife's blinking red."
by scran4d March 13, 2006
5 5