Here is a simple example with a white specular colour and a pulsing exponent:
Sync On
Sync Rate 60
Set Point Light 0, -5,5,-5
Make Object Sphere 1, 10, 48,72
Set Object Diffuse 1, rgb(255,0,0)
Set Object Specular 1, rgb(255,255,255)
Set Object Specular Power 1, 16
Do
Set Object Specular Power 1, 16+8*sin(timer()/10)
Sync
Loop
Edit: oops! Didn't read everything... I'm using the DBPro 7.4 and it works as expected (including with textured objects). The problem may be that you are trying to display a red specular coming from a red light, on a white object, which has absolutely no effect (red+red=red, and red+white = white) unless you're using HDR.