blinking check engine light

Your engine is misfiring and not firing on all cylinders. The water must have gotten into somewhere it shouldn't have. You don't want to drive the car when this is happening, you can cause more damage to the vehicle. I would start by pulling the cover on top of the engine, if you see water under that then sop it all up with a towel, remove the coils and spark plugs and allow them to dry out. Make sure to number the coils before removing them so they go back into the same place. Or have a shop do this for you, call one of these near you: http://repairpal.com/volvo-repair-in-oklahoma-city-oklahoma

Hey, I have a 2004 S60 T5, 2.3L 5cyl. I have cylinder misfires when it is cold and damp (mainly November-April). My mechanic told me its an electrical short somewhere, he is trying to get my car put on a recal list. Apparently this is a common problem with 04 Volvos.