Possible causes of a misfire severe enough to trigger a flashing CEL include:
* Ignition System Problems: Worn spark plugs, bad spark plug wires, a failing ignition coil (especially common on these older Camaros with multiple coils), or a faulty distributor cap and rotor (if so equipped).
* Fuel System Issues: Low fuel pressure, clogged fuel injectors, a malfunctioning fuel pump.
* Engine Mechanical Problems: Worn or damaged piston rings, a bent connecting rod, a failing valve, low engine compression. These are more severe and costly to repair.
* Sensors: A faulty crankshaft position sensor (CKP), camshaft position sensor (CMP), or mass airflow sensor (MAF) can contribute to misfires.
What to do:
1. Don't drive the car long distances. Continued driving with a misfire will quickly damage your catalytic converter, which is an expensive component to replace.
2. Get the codes read immediately. A flashing light indicates a severe problem, and a code reader (available at auto parts stores or from a mechanic) will pinpoint the specific trouble code(s). This will significantly narrow down the possibilities.
3. Take it to a mechanic. Based on the trouble codes, a qualified mechanic can diagnose and repair the underlying issue. Attempting major repairs yourself without proper knowledge and tools can be risky and potentially lead to further damage.
While any of the above *could* cause a flashing CEL, the most likely culprits are related to the ignition system given the age of the car. Get it checked ASAP to prevent more serious and costly damage.