MIDI Controlled lights?

I apologize if this has been covered already, but has anyone tried and had luck with creating a led light show that is midi controlled?

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My initial idea is to have certain colours for each note, and have different hues/saturations for different octaves, as well as have the velocity control brightness.

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Is this idea possible and if so possible to be DIY'd with a moderate cost? I have seen some people make this with an Arduino but have not seen anything large enough for what I am looking for.

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Thanks!