Here's what i would do ... Generate a very short video clip of alternating black& white generated media frames. Maybe make the white two frames long and the black four frames, at least to start with. Render this to a new DV .avi file. Now go back to your project, put this new tiny video clip on an upper track, and put the video file that you want to strobe on the track below it. Drag the end of the tiny clip out to be the same length as the video; it will simply repeat over and over and over again. Set the compositing mode of this track to be Multiply (Mask).
Now, wherever there are white frames in that clip, the video below will show through. Wherever there are black frames, the output will be black. It will alternate 5 flashes per second (at 30fps).
i appreciate the approach however i think im doing something wrong when i generated the tiny video clip and multiplied the mask it seem to have an "on &off" state much slower then when i created it.even trying 2:2 clips of whit and black it still did the same thing and i cant explain it.
By any chance are you holding the Ctrl key down when you drag? This will slow down the clip instead of just stretching it out longer.
It might also be that the preview window isn't keeping up with the frame rate. Try rendering a small portion with the strobe effect to a new DV .avi file and viewing it in Media Player.