I have a similar problem that I put in the discussion a few days after you. The flashing network light means that the slingbox cannot get an DHCP IP address from your router. I tried powering down my router, but that did not help me. Try powering down your router and cable modem to reset them. Then try starting up the slingbox. It might work for you even tho it did not work for me.
It seems that you are having some issues with the Slingbox SOLO since both of the network and power lights keep flashing.
If the Slingbox shows a blinking network light, this means that it is not able to pick up the IP address provided by the router.
The following link will allow you to get the information about the Slingbox lights.
Regarding the reported issue, I recommend you to check this link and follow the included steps.