The theft light flashes in your gauge cluster when the anti - theft system is armed - that's normal (Helpfull)
The on/off switch, located on the lower side of the dash, below the radio, is for the passenger side only.
if its a used vehicle it could be because it was in a previous accident and the air bags have been deployed
The overdrive off light flashing - indicates a malfunction has been detected
The light is telling you that something in the airbag circuit or sensor is not getting a signal. The air bag may or may not operate properly in a crash. It probably is not in any danger of deploying...