Many Animation in single object?

[Powerpointnoob]

Guys i have used powerpoint many times before but i am new to this animation thing. Cant we add two animation in one object? For example-


I have a simple arrow with blue colour. First i animate it by selecting apear animation then i want to change the colour of that arrow to red by selecting fill colour animation then i want to change its colour back to blue arrow. or in simple--i want a blinking red arrow which will go to its normal colour after few secs or by press of the arrow keys in my keyboard because i have many arrows in the same silde which i want to apply this on.
For some reason i am not able to do it.

Is this possible? or what am i doing wrong. My project is in friday please help. Or is there any alternatives?