Gowmars,
Here is the method you are looking for. It is rather simple and has no necessity for explanation.
REM <<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>
REM << This code was originally made by >>
REM << JessTicular and has been edited >>
REM << by NanoBrain to more fit a need. >>
REM <<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>
sync on
sync rate 0
color ambient light(0,0,255)
make object cube 1,5
fade = 1000
repeat
if fade > 0
fade object 1,fade
dec fade,3
else
REM << when object is faded to it's utmost it is still visible
REM << so, hide or delete the object after it fades fully
hide object 1
endif
sync
until fade =< 0
end
+NanoBrain+