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I m getting back light flashing and is annoying.

Windows XP sp3
Athlon X2 245
Hd4670
2gb ram
Dbz multi5
Config
http://img535.imageshack.us/i/pcsx2.gif
http://img190.imageshack.us/i/pcsx22.gif

Need some help with this.

Use the Direct3D10 (Hardware) renderer if available to you, try an older version of GSdx like 0.1.4 or something:
http://forums.pcsx2.net/Thread-GSdx

I actually get the same thing when using D3D9 (Hardware), using D10 (hard) its not black flashing but more white ish clear flashing

I tried going to a different one, ZeroGS 0.97.1, and it stopped the flashing but now has a green/yellow shade over everything but the characters

Win 7 x64
Q6600
ATi 4870
4gb DDR2 Ram

Try switching to Direct3D10(Software) mode, if the Hardware mode isn't working.