Daphne, the template will look empty because the blinkie is constructed using selections from alpha channels.  The way you use alpha channel selections is that you load the selection and then fill it with a material.

Go back to the tutorial and follow it as written and you should have no trouble.  But if you do run into any trouble I'm sure I could help out.  Alpha channel selections are very easy to work with (you just can't see them LOL).