Holy hell this is more complicated than I imagined =(
I was totally thinking I'd have more power over USB. Well from what I can tell there will be some left over case space if I needed to strap on batteries. Although it appears that others haven't done so:
From the video comments:
"I cheated and bought the sparkfun serial backpack - it takes care of driving the leds and acts as a framebuffer, displaying whatever you send to it until it is refreshed"
"Didn't use any additional components other than Arduino and the LED matrix with backpack."
There is still a way for me to add more power!
Specs of the Arduino Nano:
"The Arduino Nano can be powered via the Mini-B USB connection, 6-20V unregulated external power supply (pin 30), or 5V regulated external power supply (pin 27). The power source is automatically selected to the highest voltage source.
The FTDI FT232RL chip on the Nano is only powered if the board is being powered over USB. As a result, when running on external (non-USB) power, the 3.3V output (which is supplied by the FTDI chip) is not available and the RX and TX LEDs will flicker if digital pins 0 or 1 are high."
So I'm assuming I can power it over pin 30... not sure what batteries can interface with that. Then I can use the mini usb to usb to control the colors, display messages?