Four sixth semester students from Model Engineering College has done a small project titled the RGB Led project. They have blogged the development and published the programs and schematics. I have been going through the site today and I feel that this is the way students do their minor project.
There is nothing complicated in their circuit. They just use commonly available chips and wrote a small piece of software. They have also published the final report. Well done.
The RGB led is a cute component that any hobbyist will love to posses. I have a couple of them lying in my junk box. After seeing this project , I think I will try out one of them .