I wish to dynamically modify the content being displayed on my
monitor.  Specifically, I would like to alternate all the BLACK pixels
to RED pixels every 30 ms.  So if I had an image of a black square
on-screen, I'd want it to alternate flashing black and red.

I want to do this on a global scale, so that it affects all my windows
applications.  Perhaps at the driver level?

I have no idea how to tackle this problem.  Any answer that sets me on
a useful path will be paid.

To do this for all windows applications would require either running
all you applications through a shell that performed this task, or
rewriting your display driver to alternate the colors