Falfra - hi, this doesn't sound good to me, but I'm no expert. The light and the LED you see working are both powered via the control board. They can operate independent of the motor. The control board also tells the motor when and how to operate. So, it sounds like either the motor control portion of the board has failed, or else something's gone bad in the motor. If you didn't see any smoke or you can't smell anything "burned" near the motor, I'd suspect the control board. Depending on the make and model of your opener, you may be able to replace the control board but normally they're not cheap.
Your owner's manual may also have troubleshooting tips in it to help you localize the problem. If you can't locate it, you can try to find the manufacturer's website and see if they have a downloadable version. You may get very lucky and find it's only a blown fuse on the control board, but I can't recall seeing fuses on the last couple boards I looked at (in older Craftsman opener systems, both chain drive units).
One last thought is to check and see if the opener system uses some sort of sensors/light beams to detect anything in the door's path. If the beam's interrupted, which should be indicated by one of the sensors having a flashing light, that could be overriding the motor operation. Normally, I'd think the door would be allowed to open - the sensors are more to detect when the door should not be allowed to close, like having the car in the doorway.
I hope this helps you some - good luck! Jim D/West Point, VA