How do I stop my AirPort Express' Base Station's LED status light from blinking yellow?

I've been given an AirPort Express Base Station so that I can stream music directly to my stereo receiver. But the LED status light keeps blinking yellow and I can't get it to stop.

When I open the AirPort Utility, the GUI shows the AirPort Express but no IP address next to it and under it's status is shows ; Ethernet Unplugged; Internet Connection and No DNS Servers all with amber lights beside them as well as reporting the wireless clients address. AirPort Utility also shows a #3 in a bright red circle to the left of "AirPort Express".

If I go to my System Preferences - under Network - it shows all my connected sources - however it shows my Wi-Fi 2 AirPort Express' Wi-Fi status as being ON but with no IP address and a note that says "Wi-Fi 2 (Airport Express) does not have an IP address and cannot connect to the internet."

I know this unit worked because when I first received it, I plugged it in, connected it to my stereo receiver and was shocked that I was actually streaming audio from my iTunes account. Later, I disconnected the AirPort while I was rebuilding my stereo shelving and never re-connected the unit (it was unplugged completely). Now I thought I'd just plug it back in and start up again... but no dice.

I've tried unplugging the AirPort Express, waiting a couple of minutes and plugging it back in then tried restarting it from the AirPort Utility menu bar drop-down menu all to no avail.

I know I'm doing something basically wrong here - it can't be this complicated to get it back up an running.

In the AirPort Utility, the AirPort Express doesn't show that it needs updating (no UPDATE button showing - version 7.8.1 loaded).

Any and all help would be sorely appreciated.

Bill/Bondmaster