On my V5 PAL PS2, i've replaced the blown powerboard with a completely new & compatable one. I thought that it would all be fine, but when i boot it up, it'll power up for about 1-5seconds then it'll kill the power, but before it does this, the reset button flashes once or twice. then if i power up again via reset button it'll give the console power but not display anything.

(it might be a blown fuse on the motherboard?)

But most importantly, what does it mean when the reset button is flashing?