I'm pretty familiar with LEDs. I haven't been messing around with electronics for long but I have a knack for all things technical.
Here's a great resource on LEDs:
Light Emitting Diodes (LEDs)
Most red LEDs are 2 volts, some low current ones being as low as 1.7 volts. Depending on the circuit and how much power it consumes, a single LED
can drain a 9v battery much faster. But I plan on using the AC power cord so this isn't an issue for me.