Is it possible to light up 40+ LED with the minimal output pins?

So my work issued me a project (im an Electronics work study) to do for the school. It consist of creating an LED title. What i mean by that, i will portray the school name into LED and have it light up. However, they found the need to simply have it light up, which in my opinion i find dull. So i decided to incorporate the Arduino UNO (Which i had laying around) and use that to manage the LED output pins, etc. However, the UNO is limited to very few pins and i need to use about 40+ LED in this diagram. How can i have that many LED work with so limited pins.

There is a couple of functions i would like the project to do:

  1. Light up a letter at a time.
    or
  2. Light up an LED at a time, portraying a form of laser
  3. Having effects were the light goes High from the beginning and end then reaching to the middle and vice-versa.

I realise that for the first option, i can simply do resisters in series and have them all go to a single pin since they should all light up at a time.

How about the second and third option?

Look up the arduino Shift Register example.

You can extend a few pins to control 40+ LEDs no problem

AndreeU17:
i need to use about 40+ LED in this diagram.

I built a 5 rows x 20 columns LED matrix using the 74HC595 shift registers.
Even with that, I can get 3 letters where each letter is 5 x 5 and the some of the LEDs are dark for spaces.

How were you planning on getting your school's name showing all the letters in the name with 40 LEDs?

You can light 42 leds using just 7 arduino outputs, 7 standard npn transistors like bc337 and 7 resistors. No extra chips needed and you have individual on/off control of each led.

Paul