Mac Tower won't start up. Blinking light.

The past few weeks my home Mac computer keeps on freezing up. I could be doing any number of things from, editing, to simply browsing the web, and out of no where it freezes up and I have to do a hard reboot.

But this time even a hard reboot doesn't work. I hit the power button and everything seems like it is about to start up. I can hear the power supply turn on, the hardrive, the fan, but then the power button light blinks on and off rapidly and nothing comes on the screen.

Any thoughts? Hard Drive issue perhaps?

It is a Mac Tower running Duel Intel Processors with 32 Gb of RAM.