Individually addressing LEDs in a multiplexed matrix
Thanks to KIIV in the comments I figured it out. Apparently the trick is to rapidly switch between columns or rows without ever having two on at the same time. 

With the below code running in the main loop it appears that (0,0) and (1,1) are lit at the same time even though they are actually switching rapidly.

void loop() 
{  
  digitalWrite(latchPin, LOW);  
  shiftOut(dataPin, clockPin, MSBFIRST, B00011110 );
  digitalWrite(latchPin, HIGH);
  digitalWrite(latchPin, LOW);  
  shiftOut(dataPin, clockPin, MSBFIRST, B00101101 );
  digitalWrite(latchPin, HIGH);
}