Depends on what curcuit is it in...
If it is in a parallel circuit, then the other light blub will still be operational.
But if it is in a series circuit, then all the light blub will NOT be in operation.
Think of it like those little light blubs you put on the christmas trees, they are ususally in series circuit. Therefore if one little light blubs is blown, the whole thing would not be flashing at all
Also look here for more info:
http://en.wikipedia.org/wiki/Series_circuit