Check out page 90 here....
http://www.cannell.co.uk/Boxster_Manuals/986%20Group%200a%20Diagnosis%20To%2045.pdf
To be honest though my experience has found the transmission switch to generally be the problem. You may get away with adjustment or it may need replacing (not nice I seem to remember). Try shifting into park and drive by shifting the stick with a bit (lot) of effort, see if the light stops flashing. The fault code may be old or just a result rather than cause.
Matt
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