If you were planning to use it on MySpace, you would upload the picture to photobucket to get an HTML code and then paste the code into your profile and you would get the flashing picture
The one thing you cannot do with a gif image is resize it - you have to work with it (upload it) just as it is
When you go to save it choose 'Save as' on the menu, then choose the name for the file and at the bottom left there should be a drop menu where you can choose the format of the picture; choose 'Animated Gif' it will be abbreviated.