I would recommend flipping the Reset IP dip switch (dip switch 7). This should get the controller to show up in Measurement and Automation Explorer(MAX) as 0.0.0.0. If you can't see the controller, you may want to try turning off your firewall. Often computer firewalls will prevent customers from seeing unconfigured controllers in MAX.
Once you find your controller, you can flip the reset IP dip switch back to the off position and reset the IP address. For more information on this, click on your FieldPoint controller in MAX that will be displayed as 0.0.0.0. In the MAX help that appears on the right, click on the link titled, "Configure Network Settings." If you need assistance choosing an IP address, please look at this KnowledgeBase.
Once you have assigned an IP address to the controller, the status light should stop blinking once. You will then need to install software.
Here is a general document that describes how to assign an IP address and install software.
Please let me know if you have any other questions.