Blinking entity/model

How do I get an entity to blink when you select it? (like fading in and out white) I tried adjusting the ambient values and set it up to like 200, but it doesn't turn the entity completely white.

use a special material, f.e
MATERIAL highlighted//red highlight
{
ambient_red=225;
ambient_green=0;
ambient_blue=0;
diffuse_red=225;
diffuse_green=0;
diffuse_blue=0;
}