In the movie ALIEN near the end (and in a lot other horror movies) they do this strobe thing from black to hot white light that momentarily and scarily illuminated creature.
What is a nice way to accomplish this in VEgas 10?
Add fades, in and out, at the beginning and end of very short events. This will do the black part.
The hot white is best done while videoing. However, you can probably play around with something like color curves or levels to simulate a mild degree of overexposure.