Here is a picture of the light. Looking through the red plastic casing is hard to determine if it's a bulb or an LED.

It's a Radio Shack item that they describe as follows:
Model: 272-336 (Catalog #: 2720336) 12-Volt, Jumbo Red Lamp Assembly. These 12V jumbo red lamp assemblies are perfect for home and school projects, electronic repairs and hobbies like
model railroads.
I'll connect it for a while to see if the case gets a bit warm.
I thought the drawer at Radio Shack was labeled "LEDs", but I am thinking it may have been labeled "LEDs and LAMPS". Based on the comments so far, I am thinking it is a bulb and not an LED.
But, if anyone has any knowledge about this item, feel free to share it!
Also, here is a photo of my Master Power switch over by my Control Panel. Look familiar?

Thanks,
Bart