***** Updated March 2016 ******
There are a couple ways you can go on this project, build everything from scratch or leverage a kit version. I'll cover both methods in this Instructable. This Instructable covers a 64x64 or 4096 LED installation but the PIXEL LED controller board also supports 32x16, 32x32, and 64x32 installations. See here for a list of supported LED panels.
The panels used in this project are originally meant for large-scale building and scoreboard LED displays. You'll find several kinds out there from Adafruit, Sparkfun, Ali Express, etc. Unfortunately while they make look the same, there does not seem to be any standard for LED matrix panels and each manufacturer can use a different chipset causing them to behave differently. So be sure and only use the verified and tested LED panels listed here.