My apple tv light is flashing rapidly and the tv screen shows the itunes symbol and a USB connector. Can I fix the problem from home?

Welcome to the Apple Community Jeffrey

If your problem persists get yourself a micro USB cable (sold separately), you can restore your Apple TV from iTunes:

1. Remove ALL cables from Apple TV. (if you don't you will not see Apple TV in the iTunes Source list)

2. Connect the micro USB cable to the Apple TV and to your computer.

3. Reconnect the power cable (only for Apple TV 3)

4. Open iTunes.

5. Select your Apple TV in the Devices list, and then click Restore.

(You may already have a micro USB cable if you have a camera or other digital device)

Will this work for a 1st generation atv that has a flashing yellow light with the apple symbol only showing on screen? I tried to do the reboot http://support.apple.com/kb/HT1560?viewlocale=en_US&locale=en_US and even changed the remote's batteries but to no avail. Thanks!