That sounds like a serious HW problem. Well, before you bin the camera, there are few more things you can try
At first, I would definitely suggest to contact Ricoh support with detailed description of your problem and question how much (approximately) it would be to fix the camera. I think that blinking the illumination lamp (during the attempt to start the camera) is some sort of error code. So they may quickly realize what's wrong with your camera, even without examining it. The last thing you can try (before binning it or taking it apart) is Master Reset. There is a magic sequence of keys that would totally reset the camera. I doubt it would help, but if the quote for repair turns to be over your limit, there is nothing you can loose trying this magic sequence
I don't remember the sequence so I will check it when I return home from work. Stay tuned.