Thanks for the reply basher. The latest driver is the one I have installed, the nvidia website lists it as a beta though, so thats probably where the main problem lies; it is available on link below for peoples interest.
NVIDIA DRIVERS 179.48 BETA
I am running Windows 7 32 bit, on HP DV6113tx pavilion Entertainment PC (laptop), the graphic type is listed as GEFORCE GO 7400.
It seems the issue also occurs with the sound/device management window open. The main issue, besides being annoying is when you are trying to navigate through folders as the blinking occurs it resets the mouse into the middle of the main monitor and you might have been on the secondary monitor prior right/left clicking a file to delete, rename or just switched to moving a folder and the screen flashes. Generally the blinking occurs instantaneously, averting major loss through misplacement of folder or such, except it tends to blinks off, on, off, on and off from one single action of moving through folders.
Hope this helps others to avoid any data loss/misplacement, keeping my figures crossed I don't either and that a fix comes out soon.
Perhaps it is conflicting with the Compaq presario MV500 secondary monitor which is older than my 2005 laptop???