hi there,
being a newbie i am bit confused in wiring a 8*8 common cathode led mtrix to my arduino. i ordered some matrices and got the common cathode(which i realized now :(). referring to the direct Drive led matrix, can anyone please tell me if there is any way to connect it or do i need to get the common anode led for this.
Thanks 
"8x8 common cathode" vs "8x8 common anode"
That's a nonesuch.
It's relative, isn't it? Turn it 90 degrees and harmony is restored to the Universe.
Use a MAX7219 to control it. The MAX7219 drives the anodes with a value, then enables 1 colulmn via the common cathode (or 1 row depending on the orientation).
Then it drives the anodes with the next value and enables the next common cathode.
It performs this multiplexing at 800 Hz.
You can do the same from an arduino - use 8 outputs to drive the anodes, with current limit resistor per anode. Use 8 other outputs with a high current capable buffer like ULN2803
http://www.digikey.com/product-detail/en/ULN2803APG(O,N,HZA/ULN2803APG(ONHZA-ND/856431
Write similar code - output to the anodes, turn on a cathode for 1 to 30mS, turn it off.
output to the anodes, turn on the next cathode for 1 to30mS, turn it off.
repeat for 6 more times, then start over.
1mS yields a 125 Hz refresh rate.
30mS yields a 33 Hz refresh rate.
You do other stuff while time is passing for the next refresh.