Car cranks but will not start?

You stated that you have spark and fuel pressure, but it cranks over, but does not start. If this were my car, where would I start? I would confirm that there is spark at the plugs. Use a spark tester (can get at any parts store) or use a screwdriver and put it in the wire and check if it sparks to a ground, like the valve cover nut. If there is spark, I would confirm not only do I have fuel pressure, but that the pressure is within specs. You need to attach a fuel pressure gauge to the fuel rail and see what the pressure is. If you have both spark to the plugs and fuel to the cylinders, then check to make sure the wires were installed properly when the distributor was replaced. If you have spark and fuel, car should run. Start with that and let me know.

Everything is in order; spark pug wires are on correctly, there is spark, the fuel pressure is good, checked all the fuse and relays. The only thing I can think of is a problem with the ECM. There is a little red light, when I open the switch it flashes and quickly turns off. When I start cranking it it will not come on at all. The TCM, also has the same light and stays on while I am cranking the car. Do you think its the ECM? Thanks so much for your help.