I can confirm what hippy is saying. The GE8808B requires serial data at 800kbits/s, with binary 0 represented by a 350nS pulse and 1 = 650nS. A pause in transmission of more than a few hundred microseconds is treated as a latch condition.
I recently did some development with a PIC using SPI and some Schmitt trigger monostables for 0 and 1 timing. The protocol is very demanding and a raw PIC, programmed in C and running at 64MHz can barely keep up. I have ordered some PIC18F25K42s to allow me to experiment with their DMA capability.
I have not tried, but I don't think you could drive a single GE8808B RGB LED with a PICAXE. It is not structured with that order of data output capability.