vbnewcomer:
Although not good at fritzing, tried to make it. What i done is, take 7.5 V in from wall wart, given input to LM7805 linear voltage regulator, got 5V out pin from it, that pin to Anode (Longer pin of LED) and ground to 220 Register.Wall Wart 7.5V --> LM7805 Regulator --> 5V out to Longer leg of LED, Shofter Leg + 220 Ohm Registor to ground.
You connected the power in-wrong way around and connected the LED backwards, so essentially the regulator is doing nothing at all.
A 78xx regulator is a Positive regulator, making the center pin Ground, and the other two pins positive in regard to Ground. You connected it up backwards per that Fritzing diagram.
// Per.