Recently the oil pressure light has been blinking on my 1992 Accord. I've checked the oil numerous times after the car has been sitting outside for a while and it looks like the problem isn't with the engine burning oil since the level of the oil level remains the same.

After driving around until the engine warms up to normal temps I stop the car, check the fluid level and suprisingly it stays at the same level, so I'm assuming the oil isn't going anywhere due to the lack of oil presure. Any idea what I can do before I take out the oil pressure tester to diagnose the problem? Is this a common problem with 1992 Accords?

 

the oil pressure sending unit above the oil filter could be failing, usually they will seep oil under driving conditions, but the other option you have is to get an oil pressure test done.
I'd say the pressure sending unit [actually a grounding switch] is a fairly common failure item. Probably cheaper to replace it than to pay a shop for an oil pressure test.
FWIW bad main bearings are the usual cause for loss of oil pressure, heavy bottom end knock is the sound to listen for.