muha ha! draw me in with one question and ask how to progam?
its a bit complicated to explain in 1 thread post, but for some bare bones basics open the arduino IDE and goto file -> open
navigate to where the arduino program is on your computer, gointo the examples/Digital/BlinkWithoutDelay/ folder and open the pde file
this fairly well documented example file will show you how toggle the status of a LED based on a difference in time
Once you get that down okay, then you can move on with driving and communicating with your meter
after tinkering with different things needed for your idea, it should be a fairly easy matter of changing the BlinkWithoutDelay script to be based on flow data instead of time
Good luck and keep asking, oh and dont forget the reference