What version of PowerPoint are you using?
In PowerPoint 2002/XP and 2003,
Click on the word,
Click Slide Show > Custom Animation.
Click Add effect > Emphasis > Blink.
Right click on blink effect, select timing.
Under repeat, select Until end of slide.
Click OK. You can also change the speed accordingly.
Note that this will apply to the whole textbox. If you just wan to make a
word blinking within a sentence, you will need to create an additional
textbox for the blinking word.
Is that what you want?
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Microsoft Most Valuable Professional (MVP PowerPoint)
Site Updated: March 29, 2006
Added Animated Show
http://www.freewebs.com/pptheaven/index.html
PowerPoint Heaven - The Power to Animate