2003 Taurus theft Light flashing and wont start
 

I just picked up a 2003 Ford Taurus With 67k miles on it for $300, But the theft light is flashing and it will not start? The engine will crank and sound as if it wants to start but it wont. The radio also works on it. What could be the problem?

Did you get the 2 coded keys with the vehicle? If so, try the other coded key.
It will not start if the key is incorrect or if the code is lost/changed.

yes I did try the other key and I also had a locksmith program two more keys for it. ANy other ideas what could be the cause?

Can you check with your locksmith to see if he had the scan tool that would determine if the Passive Anti-Theft System (PATS) was functioning (enabled). The PCM controls the functionality of the PATS if it gets the proper info from the key and the system.