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I have a 2006 Mitsubishi Galant SE (Special Edition) with 2.4L 16 value engine. The AC stopped working today. The AC indicator light starts blinking when turned on. Does it need to charged or has the compressor failed?

A blinking AC light usually indicates a problem with the AC system. Rather than guess at the defect it’s best that a qualified AC mechanic look at your vehicle and diagnose the problem. That will actually save you money in the long run and get your AC running again sooner than later.

I would not worry about what it is, just bring it to a good A/C shop (often the best place is the local radiator shop) and let them test and determine what is needed and how much. Avoid chain operations, as they tend to do a poor job at high price.