Vbhoj74, to answer your query, the RPI cannot handle the data and clock duties required. The led strip which I have used has just 1 pin for data and clock. This is also a supposed limitation of Linux.
Depends on what kind of LED strip you buy.
Here are couple of complete DIY guides using only the rpi:
https://christianmoser.me/how-to-build-your-own-tv-ambilight-with-raspberry-pi-and-xbmc/
Build your own Ambient Lighting with the Raspberry Pi
And for people looking to buy a ready made solution, there are plenty these days, google is your friend, here is a sample:
Lightberry- Next big thing for your TV! - Lightberry