That could be many things, try making another copy of the Ubuntu CD (note: U-12.04 is around the corner, any reasons why you want the 10.10 instead of the 11's, just curious) this could be because the CD may be faulty, if it is blinking it means is trying to boot, therefore we know is not that the drive do not boot OSes but better be sure, take a look in your BIOS, Does the drive works OK in win7? try it many times with different CDs, when the Live media is loading a continuous "spinning" sound should be made by the drive with some intervals, if start spinning normal but suddenly just got quiet is likely the CD. The "blink", is on the monitor or the drive light?