OK, let's try a couple of things.
The blinking question indicates that the computer cannot find a valid OS on the hard drive. Can you successfully boot from the 10.4 disk? In case you're doing something wrong: Insert the disk and restart while pressing and holding C.* Release the key when you see the Apple logo and be patient because it may take several minutes to boot from the disk. Follow the procedures in
Mac OS X - Using Disk Utility to Repair a Disk. You might want to check SMART status first, just to see if the hard drive is healthy. If there are problems with the drive, reinstalling the OS won't help; the only recourse is to replace the drive.
Run Repair Disk and Repair Permissions, assuming that the drive is OK. If any repairs are made (and repeat Repair Disk in that case because multiple problems may require several passes), try rebooting normally to see if that helped. If not, you may have to run
Archive and Install. Before doing so, you could try one of the heavy-duty utilities (Disk Warrior, TechTool Pro or Drive Genius if you have one of them). They are all more powerful than Disk Utility. All of these repair the directory, not the operating system. If they find errors that cannot be repaired, do not run Archive&Install; it will make things worse. In that case, you'll have to try a method of recovering your important files (you do have backups, I hope) and then erase the drive, reinstalling from scratch.
*An alternative method is to insert the disk and restart while pressing and holding Option. Release the key when you see a choice of startup disks, select the DVD and press Return. As before, it will take several minutes to boot from the disk.
Keep us posted and good luck.