can i place led RGB in single line or i have to place in triangle fashion, what should be the distance between each led.
I am using triangle. Inline, I never even tried it.

somewhere in the interent i read for every RGB group one extra RED led should be added to componesate for color.
Color compensation is only required if you drive the LEDs with equal current. If you read the data sheet for the 3 colors, you will see that the light output for the same current differ greatly.

can i take bmp file, split the image into RGB (three different picture each contain single color). First display RED image alone second Green alone, third Blue alone will this create full color.
I am sure you can, but remember SPEED.

Erik