Here's a new question, with everything plugged in correctly do you have steering? I ask because when my last MM2 died it would still power the receiver and servo, it just wouldn't do anything else.
It's something different then. It sounds like your ESC is plugged into your receiver backwards or in the wrong spot. If you plug the ESC into your receiver backwards the lights will flash but it won't do anything. If you're using a Traxxas receiver the light will be red if the ESC plug is in...
The center wire goes in the center. The other two wires plug in your ESC then tap the trigger on your remote. If the wheels spin backwards reverse the two outer wires, at this point you're good.