With this guide you can easily create and animate your own blinkies using Adobe ImageReady and a blinkie maker.
Lets say you've created your blinkie, cropped it to your desired size (if you don't know how, check this tutorial for saving dolls, it's basically the same. Here is the blinkie sample I'll use for this tutorial...
Now start filling in the letters you wish to blink and with each fill save your work to a new name inside a new folder that will contain just your blinkie (make sure it would be the same order as you want it to appear, for example with my blinkie I've named the standard text '1', the blackened c '2' and so on...).
If you wish to have a transparent background in your blinkie, you'll have to use Photoshop (or any other program that can crop out background). With PS you can do so using the magic wand - simply click new and when it asks you which background you want to have choose transparent, then paste your blinkie images (can also be called frames), select the wand and the white background and delete it out of the image, save again, this time as GIF.
Delete the non GIF images from your folder and open ImageReady. Go to File > Import > Folder as Frames > Choose the folder you've saved your blinkie into and click ok.
A window should appear at the bottom of your program, containing all your frames at the order you named them. Now, click the gray play button - if you think that its moving to fast you can change the number of seconds the animation will pause on each frame like below...
Next go to File and select 'Save Optimized As...', choose GIF, and you're done =D