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Hi Eric,
The red light of death is very common on Polaroids. The problem is the main board, but nobody has been able to determine what is failing on the main board that is causing the problem.
Polaroid customer service will not help you at all - they will only offer to sell you a complete refurbished control box for several hundred dollars, and refund $100 when you return the defective control box - but yours has been messed with, so they will not accept it back.
Your best option is to buy an exact replacement working main board from a reliable eBay seller - look for a seller that is selling a board from a TV that had a damaged screen.
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