2011 MacBook pro not booting flashing status light

This could be caused by several things. Here are two things you can try.

First thing you could try is to reset the PRAM. Turn off your machine and after pressing the power button, press and hold the following 4 keys: Command, Option (alt), P and R. Hold those down until you hear the chime twice, then release.

If that doesn't fix your problem, you could try reseating the RAM modules. Make sure you're not statically charged by touching a metal surface when handling the memory modules. They're located right under your bottom case, which is attached with 10 screws. Only do this when the machine is turned off, make sure the magsafe is not connected and preferably disconnect the battery.

You can try restting the SMC and PRAM. But if some internal part has failed then there is only 2 options. Take it in and have that part replaced (More then likely the Logic board, very expensive) or buy a new computer.

Intel-based Macs: Resetting the System Management Controller (SMC)

Mac OS X 10.7 Help: Reset your computer’s PRAM

Good Luck.

You have nothing to lose..Call Apple Customer Relations (800) 767-2775. Be nice & polite when you tell them about your predictiment.

Since this a 2011 model it may still be in warranty, depending on when you bought it and if you bought Applecare.

I'd take it in to an Apple Genius Bar and have it checked out.