Electricity is very fun to screw around with.
Neither of those really helped because I obviously need supplies and I don't know what you mean by delays.
You can get ICs -integrated circuits that do things for you, easiest option. at RadioShcak and other places for really cheap prices. By delays he means something that can strangely but surely enough be done with a bunch of resistors. I dont know the exact layout so I cant tell you but an electricity forum or site can help you.
So basically it's going to be something the size of a quarter or around there,
and make noise with a light and button integrated? IC is must. Either way, IC or not, youre gonna have a good time finding a siren buzzer or noisemaker the size of a quarter.
It would be activated via some kinda fob-like device that when activated it would make the light flash and the sound maker beep.
Fob? and by flash do you mean strobe?