The "storage LED" is the hard drive light. It will blink as the drive is read from and written to.  A CPU failure is a hard  fault that would stop the power on self test dead in its tracks and result in a no-boot. The E6530 is a decade-old system -- released in 2012, so it's up to the seller to support.  If you have a return period and need this system for something work-critical, seriously consider returning it in favor of a new system that has a warranty to back up your work needs.  With a system that has exceeded its design life by more than a factor of three, just about any failure other than a hard drive or battery will send the system to the recycling bin. And if the system is running from a hard drive and you decide to keep it, verify the age of the drive - if it too is 10 years old, replacing it (preferably with a 2.5" SATA SSD) would be a very prudent thing to do.  
I bought a used Dell Latitude E6530. The storage LED in the top left corner above the keyboard blinks on and off occasionally. The manual said this means, "possible processor failure has occurred." I ran the diagnostics at F12 to boot, and it said, "Success. All tests pass." Also, the Storage LED stopped blinking when it was in F12 doing the diagnostic, if that helps. For more info it's an Intel i5, 4 GB ram. "About" says it's 3.98 GB usable. I just did a "reset my PC", "Remove Everything". I have no added programs and only pulled up Task Manager and it says 2%CPU, 42% memory, 0% disk, % network. The PC shows no signs of wear. The seller said it was open box. I wanted this model laptop. What is the most likely thing that's occurring with the PC? I could really use the PC. Is there anything I can do about this? It's still within the window I can send it back. It's just it's in new condition and if the storage LED blinking is not an issue or easily resolvable I'd keep the laptop. I'd really appreciate some thoughts on this. I need the laptop for work. Thank you.
Latitude, Storage LED blinks, "possible processor failure has occurred." Please 
advise