Answers

Not sure but stay away from it...

Most likely it is a GFCI outlet which esssentially means the circut has been blown at the outlet. This usually happens if a drop of water or a hard bump occured within the circuit. If this is the case then there should be a"reset" button that you can push and the light should stop blinking and the outlet will work again. If there is no "reset" button or you aren't sure what to do then call a licensed electrician.

Yes, GFI outlet.