We were walking around smoking cigs at the time, when my friend pointed out the object. He said that he had seen it a few days before, and it was flashing unlike a normal star. I thought it was just a star, but then upon further inspection with our binoculars we saw that it was flashing every color of light imaginable, and it had three lights.
The object just sat there, hovering. We didn’t know what to think about it. We weren’t scared, just interested, then after watching it for 20 minutes, it vanished.