my punto is making clicking sound, not consistently, sometimes there sometimes not. The dash lights seem to flick along with the clicks. It appears to be comimg from the stearing column, possibly?

Complete cut out, engine, lights, happens for a quick moment, but the momentum of the car, has up to this point brought the car to life again.

In addition, a red light in the shape of the car key light up sometimes, with the 'CODE' beside it. Whether its all connected I dont know. The key I have is a standard open and lock. The windows advertyse a key code sticker. Whether there was a differnt key system at one time I cant say. This might have no relevance to the worrying cut out problem. Niether might the clicking. Any body had a similiar problem or advice on the cut out problem?

what year car have you got ?

certainly sounds like there is a loose elec connection in the steering coloum or the immobiliser is going mad cutting in and out. the car key light you mention is the immobislier light normally that only cones on when you first turn key then will go out or will stay on to indicate the immobiliser is not disengaging. the fact that this light is flashing on and off suggests to me at least that the problem is to do withthat some how.