One way to this (if it is just on and off you are looking for) is to take a point light and position it where your light is located. The next step is to animate the light. It's easiest to do this in iClone Pro, because of the timeline. So, open the timeline.
Let's say you want the light to go on and off once a second (60 iClone frames), starting at frame 1. Set the color of the light to what you want it to be. Now move the timeline to frame 30 and add a keyframe. Move to frame 31 and change the color of the light to black (which switches it off). Move to frame 60 and add a keyframe. At frame 61, the light needs to be on again, so set the color to what it was in frame 1.
In fact, as you now have the whole sequence, you can copy the keyframes at frame 1 through 60 and start pasting them at position 61, 121, etc. To change the rate of the flashing you would place the keyframes closer together or farther apart.
To make all that easier you could use Collect Clip to save one cycle and use the saved clip: you can change the length of the clip to change the rate and loop the clip to repeat the flashing.
To simulate the effect that it takes time for the light to go on and off, you would add some distance between the transition keyframes. So instead of the keyframes now at 30 and 60, you could place them at 25 and 55, or so. If the light is longer on than off, you would move the keyframes now at 30 and 31 to, for example, 40 and 41.