Is there a standard way to simulate Emergency Lights?

HitFilmer79394

I don't need to actually see the bubblegum machine, but I want it to seem as if there are colored strobes going off as the characters walk down a hallway. I could add the lights into the CG and re-render, but that would take days.

Darkhalls

This is from the short "Fracture". Look at 7:45. I hope this helps.
Here is a link to the video