Any BB, not just a Pearl can end up with a blinking red light for a variety of reasons:
Incompatible 3rd party apps, themes, or hardware failure - often and most commonly caused by dropping the device.
Or installation of incorrect OS (operating system) not sure what OST is.
This is why it's always important to be very careful and make sure you are installing the correct app, os, etc.for your BB.
If all else fails and you are left with the blinking red light of doom as some call it then often it can be fixed with the help of your fellow Stackers and the many useful threads on the subject unless it's a hardware issue which may then require a warranty exchange or need to be sent to a bb repair shop.
Hope that helps!
~via Lava's C2 (wap.pinstack.com)~