Is this project possible?

That is what it looks like to me also. I was calculating the resistor to use and I came up with a 1.5K resistor to put the current at 29.3mA. The FW current for the led is 30mA (green/blue), 50mA (red). That is operating at 2V. Since the arduino puts out 5v will I need to put a resistor or voltage regulator inline to the Vcc input of the WS2803? Also it looks like, from some example setups I have seen, there is a capacitor connected to Vcc and GND. From what I read it is a decoupling capacitor. How do I calculate that Cap?