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The "Check Engine" light or MIL (Malfunction indicator light) illumination, indicates a problem in the engine control system.
A steady light indicates a fault that may cause high engine or evaporative emissions. Under certain conditions the light will blink or flash. A blinking light indicates a severe level of engine misfire that can cause expensive component damage.
If the MIL is flashing, I advise you DO NOT drive it. Misfires on this year/model/engine are common. The most likely cause would be a coil. They are located under the black plastic cover on top of the motor. If it is a coil, they are fairly simple to replace and relatively inexpensive. I usually recommend replacing all 4 coils. If you want to take a chance you could simply replace all coils, but it may not correct the fault. There are other possibilities, but without ALL the specific Diagnostic Trouble Codes (DTCs), a description of the symptoms, when they occur, and how they developed, this is just a guess based on your description as this is BY FAR the most common cause of misfires and the storing of the P0300 series of DTCs.
Why is it that you susspect the cam sensor failure?
If the MIL is flashing, it's a pretty safe bet the coils will do it, but no guarantee's. I rate it a 3 on a 10 scale for difficulty to DIY replace.
Remove the plastic cover on top off the motor
Disconnect the electrical connectors at the coils. Be careful you do not break the little tabs that hold the connector to the coil
Gently pry up/out the old coils
Replace in reverse
The MIL will still be illuminated and must be cleared with a scanner. It should go out by itself, but it may take awhile. If it is still running poorly or flashing, there is another problem and further testing would be required.
I hope I have answered your questions and addressed your concerns. Should you have any further questions, please do not hesitate to ask.
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