How to make light flares?
 

I am trying to figure out how the light flares and flashes were done in this video. I know that you can get film burn footage that reacts like this and tune the colors to white/blue....but im not sure if that was done here.

http://simsdirector.com/videos_music...peed/video.mov

Looks like blurry bright images/video with some strobing (rapid brightness adjustments) comped over the plates.