From Mods Repository Wiki
Right click in the 2D window and choose Light. Check the PRIMARY_OMNI and PRIMARY_SCRIPTABLE boxes. If this is to be a strobe light, then give it a targetname of strobe_light. Otherwise, give it a targetname of flicker_light.
Right click in the 2D window and choose Light. Select the first light and target it to this one.
That's it for the basic setup. No scripting is required for basic Dynamic Light functions such as pulsing or flickering.
If you want the light to change colors as it pulses or flickers, give it a script_color for the first color; give it a script_color2 for the second color. The light will continously change between these two colors.
A good example for this is for a flickering fire light. script_color could be an orange-ish color whereas script_color2 could be more yellow-ish. If you dont assign script_color AND script_color2, the light will keep whatever value is assinged to its _color key.
To set a random delay on the lights, used for flickering, pulsing, and strobing speeds, set a script_delay_min for the least amount of time to wait, set a script_delay_max for the most amount of time to wait.
For best results when using a strobe light, set the script_delay_min and script_delay_max values to the same number. you can also use a script_wait on the light to delay between pulsing, flickering, or strobing. script_wait is best used for a slow strobe light, like a beacon light.
Sources: Treyarch's Wiki