You most likely have a rich condition happening when it's cold. The engine needs and is designed to warm up as quickly as possible when it's cold so that the emmissions that are put out are as minimal as possible. The computer will command the air/fuel mix to have more fuel.
In your situation, too much fuel is getting in and not being burned, but reaching the converter. The blinking CEL means that damage is likely being done to the converter and is going to create additional problems besides the one you currently have.
I recommend that you take it to a skilled shop that can troubleshoot this as soon as possible. You'll need to drop the car the night before so they can test while the problem is happening. Once the engine is warm, the testing becomes essentially fruitless.
I would suspect the if you checked your engine oil, it is probably thin and smells of raw fuel. This is another problem that can manifest into a serious additional problem as the lubrication qualities of the oil are compromised by the gas that is acting more like a cleaner and preventing lubrication.
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Thursday, January 7th, 2010 AT 7:15 PM