I think I have this one sussed, but not sure. I've just bought a 1993 Audi 80 Cabriolet, and apart from the roof problems, when I turn the ignition on, the usual red lights come up, plus the water coolant light and the brake pad lights (I'm assuming they are pad lights; they are next to each other on the CWP panel) start flashing. When I turn the engine on, the lights go out, so I am assuming these are just low level warning lights.
Now, the water level is low, so I'm assuming that that is the reason why the water light is flashing. I'll top that up tomorrow morning. However, I took a look at the wearpads through the alloys, and they all seem OK!
I don't have a handbook yet, so can't confirm the actual light meanings!