ok well this prolly isnt very useful, but its nice to know.
ok what you need is:
a timer
a form
a label
what to do:
make a windows form and put a label anywhere and put whatever text you like and whatever color you like.
drag a Timer onto you form.Then double click the Timer1 and under the tick even put:
Code:
Timer1.Interval = (1000) //1 second
Me.Label1.Visible = Not Me.Label1.Visible
now create a form load event like this:
Code:
Private Sub Main_Frm_Load(ByVal sender As System.Object, ByVal _
e As System.EventArgs) Handles MyBase.Load
change Main_Frm_Load to whatever the name of you form is ( proll form1 so change it to Form1_Load) ( Main_Frm is the name of my form.)
now under the load event put in:
Code:
Timer1.enabled = True
now if you want the texts to blink after pushing a button
under the form load event change from Timer1.enabled = True to Timer1.enabled = False -like this:
Code:
Private Sub Main_Frm_Load(ByVal sender As System.Object, ByVal _
e As System.EventArgs) Handles MyBase.Load
Timer1.enabled = False
end sub
then add a button to your windows form and double click it.
Under the button click event put:
Code:
Timer1.enabled = True
and there you go! you should now be able to code a blinking/Flashing text in VB!! Hope i helped 
btw i did this in vb2008 and vb2010