Answers

That sounds like it is a GFCI outlet, which simply put means your outlet has it's own breaker. Most codes now require outside electrical outlets to be GFCI for safety reasons. If it is flashing red it probably means the test button has been tripped by a finger or the breaker within the GFCI has been tripped from an electrical surge. If it has been tripped then it shouldn't have any power to it. Most have a reset button, press it and you should have power again. It it continues to trip, call a licensed electrician. 

If it's solid red it might be indicating a tripped GFCI, if it's flashing it might be defective. When I say might it's because not all GFCI-s have the same type of light or color. Some are lit when on, some when tripped. I hope this helps