Hopefully someone has a solution...other than tossing the thing.
I have a BB Tour that recently started to flash the red LED light. I have all the LED notifications for emails, texts, BBM's and system connection turned off. However, it seems that when I get an email, I open it, read it and close it and the red LED flashes (rapidly)...until I turn it off.
Check you application center to see if there is an update on any of your applications. I checked all posts about this issue and tried everything people suggested.
Then I realized I have one application that needed to be updated. After I updated the app and rebooted. The red led was gone!