Hi Pier,
Many years ago I made an analog version of this programmable project. I used 3 very slow oscillators at slightly different frequencies making triangle waves. They drive transistors that drive red, blue and green LEDs. The LEDs slowly brighten and dim at their different frequencies and create every colour possible plus every brightness of every colour including black and white.
I used ultra-bright LEDs but if you use these high current LEDs then you need to use power transistors like the TIP31, and reduce the value of the 100 ohm resistors for higher LED currents.
My circuit was similar to the Fading Red Eyes project that is half-way through this link:
http://ourworld.compuserve.com/homepages/Bill_Bowden/page5.htm