You got it!
Except, you need to remember that the second equation for calculating power is from the voltage 'drop'. Meaning that if your LED is 6v (series wired red for example) and your source is 7.4, then your drop is 1.4v x I (current) 1.5 = 2.1 So you'd use a 2W resistor.
For a parallel set up, like for two Green dice, at say 3.8V it would be 7.4-3.8 =3.6 X 1.5 = 5.4 So you'd use a 5W resistor. Or, if you're using the SMD 2512 resistors you can 'stack' them. It's just more math
Thanks guys! This is for you. I will continue to add to it, as I know it's missing some clarification and more/better pics.
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