The LoL Shield is a charlieplexed LED matrix for the Arduino. The LEDs are individually addressable, so you can use it to display anything in a 9 x 14 grid. Scroll text, play games, display images, or anything else you want to do. This kit you will need to assembled / solder it together.
Since this is a shield, you will need an Arduino for this project. The LoL Shield is just a board with LEDs and headers on it, so you need something to control them. Once you have the Arduino, it's as simple as downloading the LoL Shield Library and programming something fun. The library takes care of all the complicated mess of driving a charliplexed display, so you just need to set x and y coordinates to on or off. If you would like to set animations manually, you can use a spreadsheet template to create animations for it, or you can download the ODS file here.
If you would like to find out more about how the kit works, you can check out the development process part one, and part two. You can learn to make the kit here, and learn how to program it here.