I've inherited a Phantom 1 drone; it was flown once several years ago. I've charged the battery w/ the DJI charger (set correctly, charger shows green when charged), and calibrated it and the transmitter using the NAZA-M software. The software appears to show that the drone battery is charged, the transmitter is bound to the drone (green light inside the drone when I power on both devices),  but when I take it outside for a test flight, the GPS light on the drone rapidly flashes red and nothing else happens.
From what I've read, it seems like it could be a battery issue (not balanced properly?), or that I should be able to see the error in the software. Any advice greatly appreciated.

Iconrad..
Not familiar with Phantom 1 but a quick search of the internet brought up this YouTube video.
Hope it may help or maybe DJI administrator may chime in with solution.

Sounds like a "linc " problem according to user manual

Phantom 1 User Manuel

Good luck!

My p2 will do that when it's in a nfz...

T3rdEye Posted at 3-21 07:43
Phantom Red Light

Iconrad..

Thank you, I will try calibrating the compass again. I did isolate a rattling noise I was hearing; one of the LED lights on back of the ESC has come loose. I wonder whether that could affect my ability to power it up. I would like to re-attach it but am not sure how - haven't found anything online yet about how to re-attach the LED, just how to replace the ESC.

Mark The Droner Posted at 3-21 08:27
My p2 will do that when it's in a nfz...

Thank you. I tried to power it on in a place that I know is ok to fly.

Hello and good day lconrad. I am sorry to know that you are having issues with your DJI Phantom 1. Please send an email to support@dji.com for us to help you further with regards to this issue. Thank you.

I had a lamp come off my esc and it had no effect other than that the lamps on that esc didn't work.  Maybe you could show a video of exactly what is happening with the AC.