This is a string of 20 RGB LED pixels, each with 75mm between the next. Each pixel consists of four RGB LEDs and a WS2801 driver chip and each strip can be cut into sections and still work, or, if you need something longer, they can be daisy chained with other strips to build huge displays capable of basic video frame rates.
The pixels come in a metal casing with a central hole and two smaller side holes to allow for the pixels to be mounted and are flooded with epoxy resin to provide waterproofing.
Each colour channel of every RGB led is 8 bit. This equates to 16.7 million colours. The LEDs are controlled by shift-registers built into each pixel. In order to drive the strip you need 12v, GND and Data and Clock- easy! Once the registers are loaded, you can stop sending data.