Arduino is a very good programmer and it is also open source(The thing I love about Arduino). We are making a Bi Colour LED to run three colours. You can see the video below on how it works. Enough talk, let's make it!
NOTE: All photos and videos are in HD.
Step 1: Things you will need
2. Bi colour LED (http://www.radioshack.com/led): 2.71$
3. Jumper wire(http://www.radioshack.com/Jumper Wire): 5.99$
As my Arduino have male headers, I have to use breadboard and jumper wire. For those who have Arduino with female headers can directly connect LED to thier respective slot.