Sorry that i was unable to successfully bring your phone back to life.
Did a quick google on the color of your LED and found this:
Solid blue: battery is fully charged, when connected to the AC adapter or computer.
Solid red: battery is charging
Flashing blue: you have a pending notification
Flashing red: battery is low and needs charging.
Flashing purple/yellow: get away, it's about to blow up!
Do you have a friend that has an MT3G? Sounds like it may be a battery issue and its about to blow or extremely bad. Maybe placing his battery in yours to see if that helps.