Once again, howstuffworks has enlightened me on what led lights are:
Light emitting diodes, commonly called LEDs, are real unsung heroes in the electronics world. They do dozens of different jobs and are found in all kinds of devices. Among other things, they form the numbers on digital clocks, transmit information from remote controls, light up watches and tell you when your appliances are turned on. Collected together, they can form images on a jumbo television screen or illuminate a traffic light.
Basically, LEDs are just tiny light bulbs that fit easily into an electrical circuit. But unlike ordinary incandescent bulbs, they don’t have a filament that will burn out, and they don’t get especially hot. They are illuminated solely by the movement of electrons in a semiconductor material, and they last just as long as a standard transistor.
I think the coolest led lights ever were Kit’s, the talking bondish car on Knight Rider.