Phillips HTS3400 blinking red light

Question

A few days ago the speakers started making a terrible noise. Sounded like screaching and a lot of bass. OUT OF THE BLUE. Now the thing won't turn on. I've unplugged it for a few min. but when i plug it back in the standby light blinks kinda fast. We dont turn it off when we go to bed we just turn the tv off. It must have shut itself off during the night.