You can't use just any LEDs. They need to emit a specific wavelength and have the proper viewing angle (how the light spreads) for your setup. The LEDs you need are very expensive, and you will also need to use an LED driver to power the LEDs. It's definitely feasible, but the cost wouldn't be as cheap as you think.
There is a site where a guy reviews LED grow lights (not cannabis related.) On his site he has a DIY forum where people discuss DIY LED lights on a more advanced level. Unfortunately I can't find the site anymore. It had a ghetto 1998-style layout and a black BG, but was very informative and is probably the only site that objectively reviews LED grow lights (he doesn't sell anything.) I'll continue searching..