I've never seen my G30 receiver's audio LED flash red; it's always been either green (or off). This sounds like something a repair tech (ASC) will defnitely need to investigate: http://line6.com/service_centers/

If you purchased this in the past year; make a copy of your store receipt (check that the date of purchase is less than one year ago) and get that along with your system to the nearest ASC in your area.