From looking at the description above, a solid red light = voltage irregularity or component failure.
The Power LED can indicate RED if the system is in standby mode whereby power is available, but shutdown by the operating system (when UPS) or Overtemp.
LEDs in position 3-8 will flash when the SSM is not communicating (during startup, shutdown or operating system hang).
1 If the base function tray Power LED does not light:
a Disconnect the power cords.
b Check all cables and power connections. Ensure that the ac outlet has power.
c Reconnect the power cords.
2 If the Power LED is red and there is no power, use a paper-clip to select the reset button.
Alternatively power cycle the system to restart.
The beeping may be caused by low voltage on the internal battery on the Motherboard?. I'm not certain at this stage.
All the best
Firebird Scrambler
Meridian Programmer in the UK
If it's working, then leave it alone!.