That's the trans going into limp mode, it basically skips 1st and 3rd gear and starts off in 2nd then winds the hell out of the engine and eventually shifts straight into OD, all while giving the pump a run for its money by switching the line pressure control solenoid to wide open. It's a failure management mode, designed to make the truck somewhat drivable so you can take it either home, or to a service station or a shop. The E4OD is a pretty decent trans that can tolerate a lot before it goes stupid, but there are some things that really **** it off - for instance, tachometer sender malfunction (how's your tach at idle?), VSS on the rear axle (how's your speedometer and ABS?), and even brake lights (are both working like they should?) - good thing you have a '93 which can store codes in the PCM, so at least it will tell you what it thinks is wrong with itself... Have you noticed any pattern as to in what situations the light starts blinking?