The Reaper: I've looked into PnP a bit, the problem isn't that code snippet. This line:
if ($_optn(5,15) == 0) return
will not trigger if sound in mirc's options (alt+o -> sounds -> enable sounds) is disabled. (the _optn just read's mirc.ini to check for that)
The real culprit code is being triggered by a notice, in PnP's last.mrc, around line 254, where the code should start with
on &^*:NOTICE:*:?:{
set -u %::text $strip($1-,mo)
...
}
In that on notice there are several lines setting something similar to:
set -u %:echo echo $color(notice) -mbfti2 $result
Simply remove the "f" from "-mbfti2" (should be roughly line 280, and 3 times total to remove it in that "on notice"), and save the file, to have it stop flashing. Of course, it won't flash ever again on a notice, so don't forget to do a backup.

(worked for me, haven't seen it flashing since, but no idea if there are any other "evil" echo -f left in PnP)