What is the code for making a text flash on LCD screen?

Have a look at this for some ideas

#include <LiquidCrystal.h>
LiquidCrystal lcd(2, 3, 4, 5, 6, 7);

void setup()
{
  lcd.begin(16, 2);  
  lcd.setCursor(0,0);
  lcd.print("line 1");
  lcd.setCursor(0,1);
  lcd.print("line 2"); 
}

void loop()
{
  for (int count=0; count <= 5; count++)
  {
    lcd.setCursor(0,0);
    lcd.print("      ");
    delay(500);
    lcd.setCursor(0,0);
    lcd.print("line 1");
    delay(500);
  }

  for (int count=0; count <= 5; count++)
  {
    lcd.setCursor(0,1);
    lcd.print("      ");
    delay(200);
    lcd.setCursor(0,1);
    lcd.print("line 2");
    delay(200);
  }
}

There are better ways to do it but you will get the general idea.