Lnksys WAP11 ver 2.2 red and green LED flashes - nothing works

Got a WAP11 ver. 2.2 for two years now.

This morning, it stoped responding, and the green and yellow LED flashed
constantly at a low rate.

Rebooting the box (pressing the buttom at the back) makes it go into "flash
mode", and accessing it's IP 192.168.1.251 gives me the "Firmware Flash"
page

I the flash the box with firmware 1.1 - which results in the box returning
to the green and yellow LED flashing and nothing works can't even ping the
box.

What is wrong and does anyone of you know how to solve it?

Regards, Lars.