IF it's a yellow blinking light, that is an indication that AT LEAST one of your power supplies has failed. Considering that you can't power-up - either you don't have redundant power supplies and the one you do have is bad or you have redudant power supplies and ALL are bad. If this is the case, and your server is still under warranty, get Dell on the phone and they will have a replacement(s) to you within 24hrs.
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sjv