I only have one thing to add to JK's discourse, and that's that the 20 mA number you found is almost certainly an "absolute maximum" rating, and not a spec on how much power it needs. If you give it less power, it will glow less brightly and last longer. Many LEDs will reach near-maximum brightness with only a few milliamps, even if they'll actually tolerate much more.
If you want to try before you buy, go to Radio Shack, get the 500-piece carbon resistor assortment -- this will set you back less than $8, and will last you for a looong time, since for audio you'll mostly use carbon resistors only for playing. Anyway, get a pair of 9V batteries, wire them in series, and put the LED across the terminals with a resistor in series with one leg. Experiment with different values over that 640 ohm number JK gave until you get a good balance between brightness and power drain. Personally, I'd start with 1K, and go up to maybe 15K.