I have had the same problem with a Predator 15 G9-591 Notebook. The NUMLOCK on-screen notification would flash on and off every 8-10 seconds. We tried the Win7 Launch Manager idea but it didnt work. It turns out that the system was accessing the NUMLOCK.png files from the following location: C:\Program Files\Acer\Acer Quick Access\images\120
When you access this folder, either delete or move the numlock_off.png and numlock_on.png and you should be ok. Make sure you reboot your computer after you have made these changes.
We only had the problem with the numlock. It is fair to assume that the problem could be fixed for the capslock also.