Spoke n' Wheel LED Bike Lights
by TreeHugger 
on 12.16.04
More groovy news from the gals at Popgadget, who spotted Michael Kertesz’s Bicycle Wheel, a system of LED lights applied to spokes. We’ve seen this done before, but this looks extra-good, so we’re giving it props. By mounting a thin strip of 32 LEDs on the spoke to create a semi-transparent screen, Kertesz can send messages, images, and animations to passers-by, while also increasing cyclist safety. The mechanism uses “persistence of vision,” the fact that the eye perceives a series of rapidly moving images as a single still image, to create the illusion. You can check out the magic at NYU’s Tisch School of the Arts Winter Show, where wicked smart kids put their semester’s work on display. Via Popgadget. ::Michael Kertesz [by MO]
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http://www.hokeyspokes.com/
"Hokey Spokes are transparent "blades" that attach to your bicycle spokes. As these blades spin during riding, a computer inside the blades modulates the internal LED lights so that design images and custom text appear.
"The user can decide how many spokes in a variety of colors they want to place on the bicycle wheel. Up to 6 "Blades" can be placed on each wheel. The more blades, the more visibility and persistance of vision at lower speeds. 2 Blades/Wheel look good, 3 Blades/Wheel look great, and more than three look amazing. The rider above has 3 Blades/wheel. In real life, they look even better! Blades are sold individually for $29.95."
this is soo last year :)
http://web.media.mit.edu/~ladyada/portfolio/2003/index.html
LED Bicycle Wheel Lights
You can program text message and draw pattern using your pc.