bleemcast is dead - the company closed shop, and the guys behind the program have no plans of releasing the source code, or continuing it in any way - they actually posted in this thread
http://www.dcemulation.com/phpBB/viewtopic.php?t=29658
ok, so the blinking is normal - i tried one of my games and it didnt even budge from that screen - time to try other games...boy am i dense , lol