Use cheap chines LED RGB modules to control the PWM of each individual LED by a CortexM4. Normally a FPGA is required for this work load. But you could also use the CortexM external parallel memory interface to get fast refresh rates. The Tiva-C boards from TI acts as WS2801 protocol receiver, so each WS2801 controller could be used. To Tiva boards could be chained. This gives controll over 2048 RGB-LEDs.
MIT
Code Composer Studio 6.1.2 (TI) -> Demo-Board License
Two Tiva-C Dev-Boards with ethernet
Ethernet receiver -> but to less resources free?!
- please read my blogposts: https://sebastianfoerster86.wordpress.com/2014/06/02/2048-pixel-rgb-led-matrix-basic/ https://sebastianfoerster86.wordpress.com/2014/06/04/2048-pixel-rgb-led-matrix-ws2801-emulator/ https://sebastianfoerster86.wordpress.com/2014/06/10/2048-pixel-rgb-led-matrix-tivas-udma/ https://sebastianfoerster86.wordpress.com/2014/06/11/2048-pixel-rgb-led-matrix-led-boards-und-tiva-epi/