Nope...not a stupid question at all. The Optimus V doesn't have an LED, the same as other Optimus phones. Here's a thread from the S forum discussing the same thing, and the fact there are apps out that replace some/all of the typical LED functions.

http://androidforums.com/lg-optimus-s/229173-notification-light-optimus.html

And...here's a lengthy thread on the same subject at Android Central, with more specifics as to replacement Apps.

Apps to help replace missing LED's on Optimus phones - Android Forums

 

Isn't it hard on the battery to have these kinds of programs running the display constantly?

 

Well I noticed that NoLED was actually made for the Samsung Galaxy which has an AMOLED screen, so it displays the screen with all black pixels (which don't actually require any power since black on AMOLED screens is actually a pixel turned off) and only displays one or a few pixels for the "LED".

Running something like one of those (if they even work on a regular LCD screen like the Optimus series) would definitely require the whole screen to be on for just a single pixel of color, which will definitely drain the battery more than using an AMOLED screen (how much more I can't say though).

**edit**
I should note that I didn't look further into the other apps on that second link TVCCS posted, just the NoLED