Yes Tom, I also see no reason to fry my two LEDs.... my wallwart give true result as i checked with multimeter too with Center +ve it is DC1.5-12V 10W max and 500mA Max.
I tried one more think, i gave power of 7805 to 10K pot and output of 10K pot to LED and it worked at max, 10K or upto 5K but if i go less than that, led fired again !!!
Thanks Tom for very good answer....
Thanks all for answer and help me out..