Ok. A blue resistor is a metal film resistor as opposed to the more common carbon resistors. I've seen some resistors where I couldn't tell whether the band was black, blue or purple because they all looked alike (hint: don't buy radio shack resistors if you're going to lose the packaging, because this will happen!)
The 5 band code stands for the following:
Band 1: first digit
Band 2: second digit
Band 3: third digit
Band 4: Multiplier (x10)
Band 5: Tolerance.
Since 266 and 277 ohm resistors are not standard sizes, I'll assume that your 3 middle bands are black.
So,
First band: Red - 2
Second band: Black - 0
Third band: Black - 0
Fourth band: Black - Multiplier is 0 (0 0s added to the end)
Fifth band: Red - 2% tolerance
So, you have a 200Ω resistor (Ω stands for ohms) with a 2% tolerance. Look closely at the resistor to make sure that both bands are red! If one is brown, then it's a 100Ω resistor as labeled on the bag! (or if both are brown, then it's a 100Ω resistor with 1% tolerance)
As for your LED conversion, if you are sure that your maximum output voltage is 12V, then a 470Ω resistor should be a safe bet for most applications. If you think the LED is too bright, you can increase the resistor to dim to LED, but 1KΩ would be about the upper limit.
Resistors are cheap. They're 99 cents for 5 at radio shack.