Hello and sorry you're having problems. I may be able to help, but I need to ask for more info.
1) When that light turns red, does it begin to blink at all? If so, please count the number of blinks between pauses (for example 12 blinks, 12 blinks, etc.), and let me know what you get.
2) Does anything at all display on the screen when you turn the set on (please wait.....or Pioneer welcome screen, etc.)?
3) These sets are completely repairable- no need to throw it away. That being said the symptoms you posted initially do indeed point to a hardware failure in the set. To determine exactly which failure it has, this replies on your answers to the info request above. In general the average cost for repairing these Pioneer PDP sets in between $300-$450 parts and labor- depending on the fault.
Please reply back with details and we can proceed.
If you need further assistance let me know. Please do not forget to click the 5 STAR RATING, at the top of the page for my efforts. It is my livelihood and you can follow up at any time if needed.