I was outside watching bottle rockets go off in my neighborhood. I was looking at the starts overhead and noticed what I thought at first was an airplane. I watched it, and could see it flashed a green light every second or so. I noticed that even thought the green light was consistent, the distance it moved between flashes was sometimes really long and sometimes really short, as if it was skipping through the sky sometimes to the left and sometimes to the right. It moved from about 80 degrees south to directly overhead in a random pattern, then turned around and went back towards the south. As I watched, it stopped and started pulsating a red light, much faster and brighter than the green light it previously emitted. At that point I realized I had no idea what this was and felt scared so I went in the house for about 2 minutes to calm down.It was still visible when I went back outside, I could see the green light flashing again, but the object was now off to the west at about 60 degrees. I watched it skip around without really going anywhere. From when I first saw the light until up until now took a little over an hour.I went back in the house to get a glass of water and my composure again and when I went back out I couldn't find the light after standing there for about 10 minutes searching for it. I called it a night after that.I've seen plenty of aircraft in the night sky,, and I've seen flashing stars, shooting stars, meteors....this wasn't any of those. When I said I felt scared - it was that adrenaline feeling that made my heart pound, when I realized I had no idea what I was seeing.