FINAL UPDATE: I took the car to Ford, they tried to reprogram the keys and told me the PATS transceiver was shot. So they order me a new one (at a cost of $250 installed). They put it in today, and reprogrammed all the keys, it started up just fine
So, tomorrow I will be driving it again....well for one week at least, then its headswap/nitrous install time! It will probably be at home in the garage for a few weeks while I am getting everything assembled!
Thank you, i tried my spare key and it works, that solution cost me $0,00 i almost gone crazy, but when i read about the key thing i said let's try it and works perfectly... thank you very much for the tip.
A while back I acquired a 97 cobra rolling shell . It did not have a key but I needed to move it so I just drilled out the ignition lock so I could steer it around . I decided after some dreaming and a little research I would rebuild it , found a cobra engine , a ECM , a complete wire harness a a whole bunch of other parts. Little by little it all came together, then I got back to the ignition pulled a lock and keyfrom a local U-pick and just assumed it would start right up ( did not know anything ) . Theft light flashing , no crank , ....all the symptoms... Finally I called a locksmith out of mesa to reprogram my key to the system , he ran program, re-keyed the door locks and cut a second key and programmed it , then he explained how the key was not matched to the ECM and how the PATS would react . Flashing theft light was done , car started right up never saw problem again. So all that said , my question is , where did key #3 come from? Who programmed it ? Could this be your problem ? Try removing it , then try your original key . Hope this helps sorry for the run on story.
I experienced a very similar issue over the past 3 days... Not sure if there is any rhyme or reason to why this worked, but posting back in case this helps anyone in the future.
The symptom here was constant flashing of theft light (~1Hz) from the time I would unlock the car until I inserted the key... Then everything appeared normal except the car wouldn't start up after cranking and hearing the engine turning over but not engaging. Wasn't really able to tell if fuel pump was cycling or not when initially turning the key to 'on' position, but hear a faint 1-2 second low click sound from under the hood.
Did a bunch of crap that seemingly had no effect (disconnecting and reconnecting MAF sensor, an electrical connector above the driver's side fuel rail that I couldn't quite tell what it was (possibly EFI related?), removing and reinstalling the gas cap...)
Then I started fiddling with the ignition switch between on and auxiliary position, turning on and off accessories to see if anything else seemed awry... Everything seemed normal. I figured while I had the battery reconnected I'd at least tune in to a working radio station aside from static while continuing to fiddle around. With the key in auxiliary and while tuning the radio, something clicked and then I heard a very brief 'woosh' sound (very technical; I know). I figured I'd turn the key and give it a shot. Aside from some heavy white smoke from the tailpipe for the first few seconds, car fired right up as normal and you'd never know anything was ever wrong.
I let it run for about 15 minutes; backed it up and pulled back forward. Turned off the ignition, restarted and it fired right up... Turned it off and locked the car. I'll take it for a run next clear day (assuming no repeat symptoms).
The car has 48k original miles, but had been sitting (on battery tender) for about 5 months...
Clean the paint from under the two 12 gauge ground wires in front of the battery and coat area with dielectric grease. Bad grounds over time. Having same problem. De my thread.