Just overlay your text with another copy of the same text
and apply fade in and remove efffects and convert it to a
looping sprite--that is, if you want it to blink continously.
if you want it to blink as the result of an event, then use a
button object tell target event with action go to frame within
sprite.
For examples, go to
http://www.designsxchange.com or
http://www.flashkit.com - swish help forum.