Diagnosis
The barrel is not fully seated in the docking station. The red light and beep is the safety lockout. It thinks the chamber is open.
How to Fix It
Unplug the unit. Remove the curling barrel. Look inside the docking station. You'll see a small, rectangular plastic latch on the hinge side. Press it down firmly with your finger. While holding it, re-insert the barrel until you hear and feel a definitive click. The click is crucial. Plug it back in. The light should now be solid.
If That Didn't Work
The micro switch behind that latch is likely failed or has a broken spring. The unit needs internal repair. Conair does not sell this switch separately. You'll need a replacement base.
Heads Up
Never force the barrel into the dock. If it doesn't click easily, the latch mechanism is obstructed. Forcing it can snap the plastic housing.