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Arduino LED Clock RGB?

This is probably too big of a project for a first timer.

I do not own a Arduino but plan to get one in the next few weeks or so or whenever Make releases the Getting started with Arduino KIT Again. I'm planing my project so that I can work on it with the fewest problems. I had the idea from 5volts fire extinguisher striking clock. My question is that is there a way that I can use RGB LEDs? I just wanted to use RGB LEDs instead of 7 segment displays but use the same layout and have a nice color fade with the time.

http://www.5volt.eu/archives/16 Look for his schematic and code.

The schematic shows a easy way to hook up a 7 segment display to an Arduino. I'm just not sure how to control another color. I was thinking maybe 3 BU2090's going from pins 12 an 13 and using the Arduino to control the power going to them. 5volt suggested triple multiplexing but I'm not too sure on how to do that. Also I'm not sure on common anode or common cathode LEDs?(I don't want to use 54 of each color.)

As for clock face I was thinking like in the picture. 2 LEDs per segment, 8 for the colon. That is a 24"x12" box using 10mm LEDs. Center to center LED height is 7.125"

Any help would be appreciated I have hit a snag trying to figure this out.

Picture of Arduino LED Clock RGB?