There are many ways to make Blinkies!  Below is the way that I make mine. They usually end up being a cross between a Blinkie and a Calling Card, *lol* depending on the mood I happen to be in when I crack open PSP.  

This tutorial is by request, from a wonderful email that I received.
*TY Serenity*  
 
*For this tutorial we will be using PSP7/AS*   
 
Ready?  Lets create!
:)
*Remember to save often!*
~~~~~
Open a new image in PSP size 400 x 400. I like to have plenty of room to work with; we'll crop it later.
 
Find a tube that you want to use, add it to the new image, then click on the *dropper*.
  
 Pick 2 colors from the tube. 
(One being the lightest and the other a dark color)
 
 
After deciding on the colors, click undo to remove the tube.  Next, using the *selection tool*,
draw a rectangle about the size that you would like your finished Blinkie to be.  (Mine varies, but for this tutorial I'll make mine this size.)
 
 
  *You can also use preset shapes (heart, star and teardrop) to make Blinkies too.*
 
Click on Tool Options and flood fill, (using the light color)
 
to fill the square and deselect.
Add a new layer (name this one preset shape.)
Tool options>preset shapes *rectangle*, line width 3. The stroke color will be dark color you selected from the tube, and fill>set at null.
 
 
 
Draw your preset rectangle, go 
  up to *selections>select all>select float.
(You should now have marching ants.) 
Next, go to Effects>Texture Effects>Blinds.
 
(These settings will give your pre-set shape the look of ribbon on both sides.)
 
 
 
 
Deselect and add a new layer.
 
Tool Options>Preset Shapes>rectangle, setting the line width at 2 for this layer. Repeat the steps above to get the ribbon effect again, or add glass effect or leave it plain.
 
 
Add a new layer, and let's decorate the Blinkie using tubes!
*When I'm adding flowers close to the edge of a creation,
I use the selection tool and then delete. This removes
any part that is showing above the framed area. 
(Examples below.)
 
 
 
 
  When you've finished and are satisfied with the look, go to Layers>Merge>Merge Visible.
Next, File>Save As and name your Blinkie,
but don't close the image, (we aren't finished yet!)
:)
 
 
Now, click on the *Layer Palette*,
and duplicate the merged layer.
(Be extra careful not to move the image from this point on.)
X out the copy of the merged layer
and click on the original layer to activate.
 
 
 
Click on the *Zoom Tool*,
and zoom in on the first layer to make the image easier to see. :)