Blinkies:

Step one: Create a canvas that's 150px x 20px, create a background and border (3 x 3 with 2 x 1 dashed lines). Make a few different frames with alternating colours

Step two: Draw or add a picture or gif in a new layer/s

Step three: Add text in a new layer by pressing (T), and duplicate the text frames so it's constant

Finished result:

Animated text:

Step one: Write some text, and create the same amount of frames as letters in your word. Then go Select > Colour range and select the colour of your text.

Step two: For each frame, colour the next letter of your word using the paint bucket tool

Step three (optional): Going through each frame again and using the selection tool, move each coloured letter a few pixels upwards, and adjust the frame rate to your desired speed Finished result: