What Am I Seeing In The Night Sky! Very Bright Blue "Star" Twinkling Very Rapidly!?

I just stepped outside for some air when I looked into the southwest sky about 50 degrees up and I see a very bright star that is bluish in color just going crazy. It's changing in magnitude from dim to bright and from bright to brighter in no real determinable pattern, at least to my eyes. It's most certainly not a planet because it's twinkling far to rapidly and it sure dose not look like a star because I have spent most my life stargazing and I am somewhat of an amateur astronomer.

I'm wondering if this could be, possibly, maybe, a supernova. It's been in a fixed position in the night sky for a while now and it's still freaking out when I go to check if it's still their, I even woke my girlfriend up and she has never seen anything like it. Like I said it's not a planet that I know, and it sure is bright and twinkling fast, almost flashing for that matter, to be a star. I don't think it could be a Gama Ray burst either, but that would be really cool too, because it's not blinking on any pattern that I can see.

At any rate I just don't know what it is. I'm sure I will hear on the news tomorrow if it was a supernova but If not it would be nice to hear some possible explanations. The only other thing I can think it might be is some sort of atmospheric disturbance making a planet twinkle, but the stars are twinkling the same as they always do.

Details:
Oregon (United States)
About 2:30Am Pacific Time
WSW Night Sky probably 50 Degrees Above the Horizon
Pale Bluish Color
Very Bright Magnitude Easily as Bright as Jupiter or Better

Any suggestions will be much appreciated, or if your in the northwest and it's clear go look for yourself. Oh, and it's not a UFO or Satellite, for those who are enthusiasts, it is most certainly something astronomical.

Thanks