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Hi. I just had this issue last night, after hooking my DV5-1250US to my TV...which also happens to be a monitor. My laptop came with a little remote, so I was watching movies and old TV shows, on-line with it. Last night it froze so I forced it into shut down. I, too, had those flashing lights but with no regard to a code. After many attempts to get the machine to post, and it freezing, the few times it did? I tore it down and checked for dust etc. Now I am no tech but my family have always been good with cars and electronics. I didn't smash it so obviously this gal got some of it! Lmfao. 
Anyway....this morning I began taking Ram out and trying to re-seat it...and yes...I tried the hard reset with the battery out...the CMOS battery out, etc. NOTHING! I decided to take the wifi card out, which was under the HDD and FINALLY got it to post and load windows. You must understand that 90% of the time, the machine could not get past, the blinking lights yet the fans, the HDD, the DVD rom, etc; were functioning. I could not see how a motherboard or Ram could do that so I persisted.
Finally once able to get to the desktop, on safe mode, I noticed in device manager - that my Infrared controller - had an X on it. Windows reported that it was not working correctly. The machine then froze again! It took 5 tries but I finally got the IR controller disabled and then uninstalled it. At this point I thought screw the remote. I knew I could not afford another laptop. I turned the machine off...unhooked power and battery and installed the wireless card again. The machine posted, went to windows and has been working ever since. It's been about 2 hours with no freeze ups! I am a very, very happy gal right now. I don't need a lighting paper weight that badly! 
So, I took it all apart for nothing, but I don't mind. The Dv5's have been known to overheat the video card, because of dust etc, and fry! It's clean, and now I can take it apart, with my eyes closed. I will put the remote back inside and as long as the machine works? I will not cry, one little bit, for that remote. I'm just happy to have my laptop back. I can't complain...this one I got in 2009, and except for software issues, and that crappy Vista; it originally came with? I am doing good. I hope what I write here will help others with the same issue. It's not always the major hardware, like motherboard, RAM etc; that other's warn about. IF you can get to windows, and yes, you might have to try 100 times to get it to boot? Go to Device Manager, and check to see, if something is wrong in there. Sometimes the simple tricks still work over the techy ones. 
I am VERY happy to report my laptop is working perfectly! It got to the point that I could not get it to post though it was still lighting up etc. My brother, who works at electronics, took it all apart and finished cleaning what I couldn't get to. Then he heated the chip in the video board. BANG....she loaded to the desktop. A friend, who also repairs things, happened to have the proper HP shims for on chips? So he "gave" to the cause? Lol...
The laptop seemed to run cooler so my brother brought it out this morning. But it was still acting up and though shutting down...there was no more lights blinking. And another thing in the device manager was showing up as not working. In 2009, this machine had Vista on it. As soon as the warranty was gone I installed Windows 7 as it didn't apply for the free upgrade. The Bios was still the original...which was for Vista! Luckily, I had the newer bios update already on the laptop and on a usb drive. Now that the machine was not freezing...I took a chance. It took the update, with no issues, and once I restarted....the virtual wifi in device manager had fixed itself!
I have been running the machine all day with no further incidents. I find it faster and the fans run less. I still have a cooler fan under it, and those rubber laptop balls, for under the back feet. Fingers crossed that it continues to work. 
