This happened to me for a while. It kept getting worse until it flashed every second or so, I tried switching computer accounts and it lessoned it, but eventually I stopped playing for a few weeks and when I came back it had fixed itself, my advise is you don't play for a while.
I'm having a similar issue. It looks like my monitor keeps trying to switch betweeen analogue and digital input. I've switched it to analogue instead of auto detect but this doesn't seem to solve anything. I've updated my video driver as well as java, but no dice.
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I'm running Minecraft 1.8 on Windows 7. All drivers should be updated.
Got an Alienware M14x with a NVIDIA GeForce GT 555M.
Java is build 1.6.0_24-b07.
Hope this works,
-Kiwi