Flashing light while cranking is usually immobiliser, but if you're sure it's not that then you need to get the engine management codes read. The 'pedal method' of DIY reading should still work on your model year.
You'll need pen and paper.
Press brake and accelerator pedal down (accel. to the floor) and keep them down.
Turn ignition on (dash lights on but dont start engine).
Engine management light should flash a sequence of four digits,
eg.
10 flashes, short gap, 3 flashes, short gap, 4 flashes, short gap, 10 flashes, longer gap, 10 flashes, gap, 3 flashes, gap, 3 flashes, gap, 5 flashes, longer gap, when all codes are flashed sequence will start at the beginning again.
This gives 10-3-4-10 and 10-3-3-5, as 10 flashes represents zero, the fault codes would be 0340 (cam sensor) and 0335 (crank sensor).
Ignition off, release pedals.
Ignore the 0340 for the moment as this always comes up with engine off.
If yours is a late model this may not work and you'll have to get someone with a code reader (or buy one such as Op-Com yourself) to check it.
bbc333, June 2009