I sometimes use a script I wrote to invert my screen's colors as fast as the screen will refresh to make it like a strobe light for raves. Will changing the colors on my monitor this fast take way from the monitor's life more than just having it on?
Assuming that you have a LCD monitor, your monitor life depends on two main things: brightness and contrast combined with turned-on time. If you are using it as a "strobe light for raves" I assume that you are using it's brightness and contrast at the max, so the answear is Yes, it is reducing your monitor lifetime not just because these two main reasons, but due to the fact that you are changing collors very quickly(for fullscreen). LCD monitors are primary projected to be used with workstations, where the collors of screen don't change very quickly along a normal work day as you are doing. Also, each collor change depends on a re-polarization of the layer before the LCD backlight, which depends of a eletrical stimulus, what will naturally degradate the colors receptors over time.
Additionally, here you can test your monitor collors: