Feasibility for an Auduino project that changes a multicolor LED array w/ sound?

I am wondering if it would be feasible to design a project that takes sounds from an audio Jack, MDI, or mic and change the output of an LED array (preferably bright mutli color LEDS). For example one setting would be an EQ and another would be a light show that flashes a white strobe to the base.

http://fftarduino.blogspot.com/2011/02/color-organ-spectrum-analyzer-on.html