dynamic - How to make text flash for a short period

How could I display text that flashed red for a half second or so and then reverted to black? (Or was put in bold and reverted to normal, etc.)

Answer

 PrintTemporary[Style["text", Red]]; Pause[2]; "text"

EDIT: This looks too plain in comparison to all the cool effects that can be achieved with methods used in other answers. The following is an attempt to arm-twist PrintTemporary to perform similar tricks:

 Scan[(temp = PrintTemporary[#]; Pause[.1]; NotebookDelete[temp]) &, 
   Style[Rotate["text", #[[1]]], Bold, 60, FontColor -> #[[2]], 
    FontFamily -> "SketchFlow Print"] & /@ 
   NestList[{Plus[#[[1]], 20 Degree], Darker[#[[2]]]} &, {0 Degree,Red}, 18]]; "text"

(Note: try it in the last cell of your notebook to avoid flickering cell sizes).