It might be hard with just conditional formatting on its own, but you could do it with a script trigger working together with conditional formatting.
Set a script trigger to run a script OnObjectModify (or under whatever circumstances you want the red field to trigger). Have the script set a global variable (eg. $$redfield) to 1, then the script pauses for 10 seconds, and then it sets the global variable to null.
Then set your conditional formatting to turn the field red when $$redfield = 1.
See screenshot of sample script and conditional formatting.
Thank you Chris. I appreciate the help