The very last bands on a resistor indicate the tolerance. Silver is 10% and Gold is 5% (from what I can remember).
This means that in a 1,000 Ohm resistor, a Silver band means it's Max resistance is 1,100 Ohms (1.1K) and the minimum is 900 Ohms. Gold, of course, would be 1,050 and 950 Ohms.
The LED is warm because the amperage is high. It should not be HOT. If it becomes too hot to touch, then there is a problem.
The reason it is warm is because you are getting 3 milliamps(mA), rather than 30 microamps(uA).
You can get a DMM (Digital Multi-Meter) for measuring resistance, volts, and amperage for around $20 if you look in the right places. Radioshack might even offer a cheap Volt-Meter for around $12.
This post has been edited by mistformshadow: Yesterday, 04:14 AM