Looks like the round thing is a mic, if so the chip between the pots is probabyl a quad op amp, and one of them will be a comparator and a amplifier, the comparator probably enables the 8 pin power supply chip and flashed the light.
You'd need to draw out the schem in a readable manner and work out whats going on.
As nige says constantly on the light would need to be a lot dimmer, as the average power is much higher.
If you not electronic savvy it might be a better idea to buy an led driver off ebay for it.