ProLost posted a nice After Effects 7 preset called Film Burn.
filmBurn.ffx is an After Effects 7.0 Animation Preset that automatically creates the overexposed “roll-out” effect, where the tail (and the head if you want) of a clip flickers into overexposure. It’s aware of the in- and out-points of your footage layers in the After Effects timeline, so you can experiment with different effects just by trimming your layers differently.