"With the PimpStar's built-in full color LED lights, microprocessor and wireless modem, you can display virtually any image, including text, graphics, logos, and even digital photos! The included software allows you to create your own images and send them to each wheel individually or all wheels at the same time as you drive! You can even pre-load up to six images into each wheel and program them to change automatically at the time intervals you select." Starting at ~$12K at CustomWheel.com.
Here's a video of the system displaying different logos, if that's what you are thinking. And a much cheaper (~$100 ) SpokePOV (persistence of vision) kit that you can put on your bike that does the same thing, sort of (see for yourself ).
Hokey Spokes and Spinvertising (2005)