Starting around midday today in New York, every minute or so my Tour was making a chiming/clanging alert noise and its LED was flashing red. I checked every different possible kind of message and didn't have any, so after a battery pull didn't solve the problem I called Verizon. The tech guy had me do a bunch of things which finally culminated in a data wipe (I left the third party apps) and restore, and when-- a good hour or so later-- that seemed to fix the problem, I let him go and hung up. Well, about five minutes later it started all over again. I finally noticed that my Weatherbug icon was blinking, and when I clicked on it, the BB browser opened and took me to their web site where they had a flash flood warning, and instantly my red LED turned green and the "every minute" clanging audible alert stopped clanging. Hopefully, no one else will be as dumb as I was about trying to chase this down, but just in case, maybe I just saved you some trouble (and a long call with the Verizon tech folks!).
As many things as that flashing LED COULD mean, I can tell you you're not alone with this. I've had to sit and figure out why it was doing that before too but fortunately never had to go to those extremes. I was so pissed, it wasn't even funny at the time but it is now lol.
at least you found out what the problem was or else you'll still be going 