Bursty fluctuations in the scrape-off layer (SOL) of Alcator C-Mod have been analyzed using gas puff imaging data. This reveals many of the same fluctuation properties as Langmuir probe measurements, including normal distributed fluctuations in the near SOL region while the far SOL plasma is dominated by large amplitude bursts due to radial motion of blob-like structures. Conditional averaging reveals burst wave forms with a fast rise and slow decay and exponentially distributed waiting times. Based on this, a stochastic model of burst dynamics is constructed. The model predicts that fluctuation amplitudes should follow a Gamma distribution. This is shown to be a good description of the gas puff imaging data, validating this aspect of the model.