The demand for higher clock speed and larger current magnitude in high-performance flip chip packaging configurations of small footprint has raised the concern over rapid thermal transients and large thermal spatial gradients that could severely compromise package performance. This paper explores coupled electrical-thermal-mechanical multiphysics to evaluate the concern and to establish the knowledge base necessary for improving flip chip reliability. It is found that within the first few hundreds of nanoseconds after power-on, there are fast-attenuating, dispersive stress waves of extremely high frequency propagating in the package. The concepts of high cycle fatigue, power density, and joint time-frequency analysis are employed to characterize the waves along with the various damage modes resulting from the propagation of these short-lived dynamical disturbances in bulk materials and along bimaterial interfaces. A qualitative measure for failure is developed to evaluate the extent of damage inflicted by short-time wave motion. Damages identified in this study are in agreement with physical failure modes commonly seen in industry, thus implying that micron scale cracks or interfacial adhesion flaws initiated at the short-time scale would be further propagated by the coefficient of thermal expansion induced thermal stresses at the long-time scale and result in eventual electrical disruptions.