It is possible, but don't do this.
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David McRitchie posted this in november
Blinking is not supported in Excel, but you can use some macros using
ontime.
Here is a repeat of a posting by Bill Manville using ontime.
http://google.com/[email protected]
This one by Norman Harker is activated at workbook open
http://google.com/[email protected]
When this is running, it will be running whether you see it or not,
whether you have that sheet, or even that workbook selected or not.
Personally I would find it *very* annoying no matter what the reason.
There are other choices such as Cell Validation or Conditional Formatting
that might serve your purposes better and won't have as much overhead,
and certainly won't have the high annoyance factor of blinking cells.
http://www.mvps.org/dmcritchie/excel/validation.htm
http://www.mvps.org/dmcritchie/excel/condfmt.htm
If you still want to simulate blinking cells, you will need to choose your
colors. This may help, if we haven't convinced you yet not make cells
blink.
http://www.mvps.org/dmcritchie/excel/colors.htm