It's very possible that there is a short in the connection where the adapter actually goes into the laptop. This could certainly cause the heat, as well as the lack of charge/power to the machine. It could also be dangerous if it gets too hot (a friend actually had his laptop ignite into flames from a similar issue, and I had an HP that melted the plastic around the power cord insert.) However, the problem could be with the battery itself or the cord/adapter. As a short term solution, you might jiggle the power cord at the connection to see if that makes your flashing red light stop (with mine, the contacts and the insulation were both worn, causing contact where it shouldn't have been - hence the short and heat, while denying contact where it should have been - thus the lack of power.) If you find a position that works, some tape could hold it in place until you can get a more permanent solution. If you have access to another machine that can use the same power cord (and that you know works), you might test your cord on that machine to see if the problem is in the cord or the actual laptop - Best Buy or Geek Squad can also do this if you don't have access to such a machine. If the problem is the cord, you should be able to find a new one on ebay or at a tech website. If the problem is determined to be in the machine, it could be either the battery itself or the connection point. The battery is certainly easier to replace, but for some laptops, you can find replacement connection points (this obviously requires taking the machine apart), again on ebay or similar, or Geek Squad should certainly be able to do it if you are squeemish about messing with the inner workings of a laptop. However, you will want to start by figuring out where the problem is (or isn't) per the above.
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