Yellowish blinking light
A computer monitor has a front-mounted LED that displays its current status and flashes in the event of an error. When an error occurs, the flashing may be accompanied by an error message on the screen. If the screen does not display an error message, the problem most likely falls into one of four common categories.
Unsupported Display Mode A video card has the ability to send output to the monitor at many display resolutions and refresh rates. However, no single monitor is capable of supporting every possible display mode. When the video card sends an unsupported display mode to the monitor, the monitor shuts off to prevent damage and blinks, or displays an error message. Standby Mode b> When a monitor detects no video signal from the computer, it assumes that you have turned the computer off and enters standby mode to reduce power consumption. Dell and HP monitors display an amber light when in standby mode. The status light on an Apple monitor blinks slowly. Incorrect Power Supply Some monitors such as certain Apple Cinema and Studio displays use external power adapters. Because different power adapters may have similar connectors, these monitors are designed to detect when an incorrect power supply is connected and blink the status LED rather than attempting to turn on. In the case of an Apple display, the LED blinks in an alternating short and long pattern. b> Backlight Failure b> A flat panel LCD display has an LED or fluorescent backlight that illuminates the pixels and makes it possible to see the contents of the screen. If the backlight fails and requires replacement, the monitor is unable to display any information. In some cases, you may be able to resolve this issue by turning the monitor and computer off, disconnecting and reseating all cables. If the monitor still has a backlight issue, it requires professional service.
SOURCE: Display light keeps blinking (dimming).
most likely inverter is on its way out
if it does it a lot when you move the lid back and forth it could be a cracked display cable
"Drive activity light-
blue light - A blinking blue light indicates the computer is reading data from or writing data to the SATA hard drive, CD, DVD or HDD."
http://support.dell.com/support/edocs/systems/inspd531/en/OM/appendix.htm
Safe to ignore. It will blink even when the computer appears to be idle.
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