Red power light blinks for a second when standby-on button is pushed, but power won't stay on.

SOURCE: Blinking red light, doesn't turn on Philips 32".

count the blinks from the red led this number will tell you the stage of the poss fault

SOURCE: philips - dvp 642/37

Player goes back to standby because the power supply still has a problem.Run checks on semiconducters in primary cct. of chopper transformer.If ok, replace the pulse width modulator.That should fixya.

SOURCE: I can't get my tv to turn on... nothing but blinking red light

Thats nots it its bad caps.....

need to replace 3300uf 10V with 3300uf 16v or higher. A couple of bucks in parts and some soldering.

Fixed both of my 50" sets

SOURCE: will not turn on

This might help you. Try starting on page 27 of this:
http://www.scribd.com/doc/6528782/Philips-42pf7320

SOURCE: Set will not power on.. Blinks red LED 8 times

It's a power supply related problem.
The flashing 8 times is a trouble code. A Service Manual for your TV model will have the info on the codes. It could be a bad capacitor or a transformer on the power supply board.If you have some electronic experience, you can find a Service Manual for your TV over the internet. Cost about under $20.