You arent clearing the background each frame, so you see the redrawn graphic as well as the previous ones. Use the Cls command in place of the SetBuffer command. Place SetBuffer outside of the loop. like so:
Graphics 800, 600 SetBuffer BackBuffer() While Not KeyHit(1) Cls Color 255, 0, 0 Text MouseX(), MouseY(), "Test" Flip Wend EndBlitz does not automatically clear the buffer when you set buffers. This allows you more control over when and how it is cleared. The reason for the flicker is because the backbuffer (invisible) is drawn to and then flipped to become the frontbuffer (viewable). The items drawn to each buffer may and probably will differ, so your screen is alternating between two different images.