7-Segment Display, too many I/O pins

Hi all.

I recently removed a 7-segment display from an broken stereo receiver / amp. The face has digits 188.88 (which I can light up all the individual segments) as well as some other functional LED areas for "AM/FM" and "khz/Mhz" etc. So, it's basically five 7-segment displays in one package.

It's operated with 5 control lines to select which digit, and of course 7 control lines for each of the segments.

(It appears that you can't illuminate a different number on each digit at the same time. The only way to do so is to loop through the 5 digits repeatedly illuminating the correct segments of each display one at a time... eventually at a high enough speed, it appears that multiple digits are lit continuously)

To run the display all at once, I need 12 control lines, which is just too many. I can't do anything else with my Duemilenove if I use up all my I/O lines for running the display.

I could multiplex the 5 digit selectors into 3 lines... that would free up 2 I/O pins. Multiplexing the 7 segment control lines into 4 lines, frees up an additional 3 I/O pins. So that still uses 7 I/O pins.

Aside from multiplexing, the only thing I could think of is to use another cheap microcontroller to do the I/O and then communicate with it via serial. But that sounds like a bit overboard to run a display.

Are there any other options than multiplexing? (if not, is there a good cheap multiplexor you'd recommend?) Are there other IC's I could use that might help?

You can also use shift registers such as 74hc595.