The check engine light will also flash if your fuel injectors completely quit. I had a harness come loose on one of my injectors in a Ford truck and had the flashing light. I was like a mile from an auto parts store so had the code read and then looked at the offending misfiring cylinder and noticed the harness for the fuel injector was unplugged. You could try replacing some of the simple parts like the coils and wires if you can get to them and save some money. Either way, this needs to be fixed ASAP or you will do damage.