If you can the data sheet either directly from net OR with the help of somebody else, then I may be able to help on how to use this device.I recieved these blocks from a person giving away some of his unused electrical stuff. He gave me a box with some neat stuff and some really bad stuff. But no data sheet was included. I think I researched and found it should be a bi-color led but I have found no other data. Especialy wiring.
You are saying that MAX7221 can be used to drive this display unit. Still I think you need to have the data sheet of the display unit to decide the connection between this display unit and MAX7221. Also a micro controller may be required to give the signal to MAX7221. This is what I felt.I havn't found a data sheet yet, I found this I don't know if it can help you. I did not understand all of it. I will continue to look for data sheet but does not look promising.
There are multiple ways.... (as usual)
There are these chips from Maxim called MAX7219 that can drive up to 8x8 leds matrices. They are very simple to wire up, you just need a resistor and a capacitor. in the arduino distribution there should be some code called MAX7219 (written by Nick Zambetti) that shows how to send data to these guys.
you can find a schematic here in the datasheet http://www.electro-tech-online.com/custompdfs/2008/12/MAX7219-MAX7221-1.pdf
this can drive even fairly bright LEDs.
I'll attach the code here.