@Gunna Almost certainly your vehicle has thrown a Check Engine code. The Check-Engine-Light (CEL) should be lighted, but who knows? The flashing cruise control light always accompanies a CEL - it's a symptom, not a cause.
Go by an auto parts store and they can read the CEL number. Post it here and someone can probably give you a hint as to the meaning.
In my 2nd gen Foresters this always means an engine code is being thrown. Normally the check engine light will eventually come up along side it. In my cases it has never been catastrophic in this scenario. I have it currently for an o2 sensor. You can get a code reader for $20 at walmart or autoparts place, and its easy to read codes. Id grab one if you dont already have one.