Don't know if there is a plug in affect for this...but what I do break up the event I want to blink on the video line so it stutters. It plays, the stops, then plays, then stops, etc. Granted, you have to "play" with the timing between each...but it's really easy to do.
You could use the Additive Dissolve transition, or the Flash transition (in the plug-in pack, or in Vegas 4). You could write a script that could randomly chop up video between tracks.
///d@
i want to strobe timelines for several minutes, not just a few frames. i have occationally slammed timelines together randomly, which is interesting but not very smooth. the additive dissolve transition is not what i'm looking for. flash transition maybe. where can i find out more? i don't know anything about writing scripts. what is that?