If it doesn't display any information about the kernel when coming up, it's almost certainly got nothing to do with database trouble or a bad track. In fact, if it's not getting as far as "Starting player", then it's nothing to do with the database or the music.

It could be a disk problem, but I doubt it -- the kernel comes up from flash, and it hasn't got as far as "Probing primary interface..."

The incessant flashing of LEDs sounds like hardware failure to me.

One thing you could try, though, is reapplying a flash upgrade, if possible.