Lights Alive was like a light box but with a black cover full of small holes which each had a tiny LED bulb shaped bit of plastic in it. Lights Alive from Tomy came with a bunch of different tools which all served the purpose of being able to poke down the holes and push the plastic bits so they were transparent and the light could shine through. This would allow you to create all sorts of pictures and patterns.
The light box itself had different colour mirrored pieces around it so that the colours that in your picture were like a rainbow. You could change these colours by spinning a wheel at the side of the box.