I dont have the volcano, but what I could find on the interwebs suggested that a flashing red light on the esc means voltage is low. If the battery is charged, try the multimeter on the battery to make sure one of the cells isn't bad. There is also a voltage cutoff on the ESC that can be set (I think). Might be able to turn that down or off and see if that makes it move. I found a few videos on youtube about traxxas blinking red lights on ESC. Those might point you in the right direction for diagnosing the problem as well. Hopefully it's an easy fix.