No plugin/effect needed. All you need to do is to duplicate the text layer several times, re-size at various larger dimensions and position at different locations in the frame. Then you can animate the opacity to create a flashing sequence- from zero to 50%, to 100% and zero again- at 1 or 2 frame intervals, offsetting for each channel so that they will come up and disappear one after the other. The main text can stay on the whole time or disappear at the begging of the flashing sequence and appear at the end of it.
Instead of cutting the layer up multiple times you can also just set HOLD KEYFRAMES for opacity and position... and maybe fast blur if you want it to not be so clear. That way it is easy to change the word.