Even a CPC without licensing should boot up and be stable. It'll just wait
for you to upload its license file before any call processing will happen. You can still program it with DB Studio though.

You should be able to get some debugging (very low level! programmer level) interactive shell out of the CPC as well. You should see the version flashed onto the CPC through the serial console during boot.

It is possible the Flash is corrupt and you can reflash it with the flash util off the CD-ROM. But to me, sounds like the CPC is toast.