Hi All,
I just want to say that my flashing O/D light is gone. I replaced the Level Position Sensor mentioned on the Haynes book. The sale person in Autozone said the common name for it is "Neutral Safty Switch". The replacement procedure is very simple and it is covered in the Haynes book. The one I bought is an OEM part by Wells ($70), it comes in black and it is a little bit smaller than the old one. However, there is Ford logo on the plastic casting. I drove my 2.0L 4cycl contour for 2hrs with 120 miles and no blinking O/D light. Next, maybe the water pump.