i actually built a little chameleon throwie concept years ago based on this principal. it used two RGB led as the output light and stepped through the colors, then used the unused LED to measure the light(LEDs have photosensitive resistance). Then once it figure out it's color(dumb mixing of resistances) it would output the guessed color using PWM on both RGB LEDs of the thing it was on. In short though, it didn't work very well. Also like others have said, LED's have very narrow bandwidths (by design, as it uses less power). if this weren't the case people probably wouldnt be paying around $2000 grand for a light bulb (http://www.shop.spectrecology.com/USB-ISS-UV-VIS-illuminate-...)