Individually control ~200 LEDs
Instead of a multiplexer you can use a "shift register"; the difference is that it keep the last state of the pin, while the multiplexer goes unconnected (and this is because you need at least 30fps, and even so you'll get low light as you are PWMing the leds).
This is why shift register are also called "led driver".

Official tutorial can be found here http://arduino.cc/en/Tutorial/LEDDriver