So I found a NGPC in a lot of stuff I picked up and a handful of games. Sadly I cannot seem to get it functional. It has two battery spots, one for a smaller round battery which I replaced. (Not sure what the name/number is but it is the correct battery) When putting a battery into the circular portion the light will blink. When I put 2 AA batteries in it will blink and also emit a scratchy popping noise with each blink. From my experience it sounds like it's trying to boot but cannot. This light blinking happens immediately after you put any batteries into it, no matter if you press the power button or not. Pressing the power button doesn't seem to interfere with this blinking/popping sound issue. I have tried a handful of games and all have the same issue, including games from another lot I picked up. I have read that even without a cart it should boot into the bios regardless of if there's a game. I have messed with it for a few hours with no real luck.
The coincell battery is just for the clock and calendar is not so important. The blinking light I really don't know. It must be a power issue.
The blinking light means the battery is low on power, last I checked. Only the AA batteries are needed to function, since the CR2032 only controls the real-time clock, as Kaiser said. Try some new batteries, basically. Mine likes to blink at bm if the batteries in it are flat. Otherwise, open it up and see if something went wrong in there. And yes, it boots to the bios without a game in it (and has friggin' awesome music). Also, sometimes devices are picky about the type of batteries (like my stupid digital camera). The NGPC SHOULDN'T be, but you never know. I've used a couple of different types of batteries in it, although I've currently got Ni-MH rechargeables in mine which work fine.