How do I make an Ultraman color timer?

How do I make an Ultraman color timer?

here is some pictures of it

http://www.cinemastrikesback.com/news/films/ultraman/ultraman.jpg

http://webzoom.freewebs.com/godzilla_2000/New%20Ultraman%202.jpg

I'm guess it would be like making a compact "Arc Reactor" from that Iron Man movie but I also want to know how I can make it change it's color from Blue to red and flashing