Dynamic Materials

I have built an audio visualizer, and I want to have dynamic materials like this video–http://www.youtube.com/watch?v=c1I0XjSaVmg&list=FLNml3zjSU2wHpoff5MpxwAg&index=3&feature=plpp_video

I have a feeling that this will involve scripting, hence why I put it in this thread. If it does not, then that would be great. Anyone know how to do this? Thank you!