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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
 
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