Depends what the cause of the flashing light is.
Do you mean the upward-pointing arrow on the dash that comes on anytime you're in winter, 3, or L ?
If so, STOP DRIVING THE CAR until you've gotten those codes out. Yes, pull over on the side of the road and get it towed. When that arrow flashes, it's the transmission's way of saying ***!!!***WTF***!!!***
If it's on solid it's not something to panic about, just something to look into. Flashing is cause for panic.
Since it's a 1995, you'll need to follow the instructions White850Turbo linked to. Once you've gotten the code, you can make a more reasoned assessment of how dangerous it might be to drive the vehicle. It could be as simple as a PNP switch. It could also mean the transmission is in dire straits.
Until you've got those codes out of it, it's all guesswork.
1997 850 GLT sedan, 152K and WHOOHOO!
RIP 1996 850 wagon, 201K, hit by a runaway 4-wheeler
RIP 1996 850 GLT sedan 5spd, 260K, rearended someone
RIP 1986 245 boring, 200K, rusted beyond inspectability
RIP 1981 242 turbo 5spd, 300K, serious teenage crash