In a word, no. This is a real time clock module not a cpu. It is designed to give the current time (and perhaps a periodic alarm signal) via the I2C bus to a cpu and keep the current time (via the on board button cell) when the power is off that is all. The eeprom on board is for storing data that the cpu wants to keep through power cycles not for programming. The most usual way to do this would be to connect this to one of the Arduino family which uses this module to tell the time and is programmed to blink the led during the appropriate times I expect a google search will turn up a similar project on one of the arduino sites.
Peter