Peter Jakacki have designed this single board solution for Philips ARM design contest couple years ago. ARM7 LPC2138 microcontroller is used to run VGA monitor, keyboard and mouse.
Board is capable to drive 8 different color 192 pixels per line for over all 240 lines. Image generation fits standard 640×480 timings. System is capable to understand Forth commands. Simplest way is to connect board to RS232 terminal and send commands which are immediately executed. You will find several demos in documentation.