Hello there,
For testing the voltage you simply place the meter leads
across the LED while the light is turned on.
You must, however, make sure the meter is switched to
a voltage setting and not a current setting or you risk
burning out the drive circuit (!).
For testing the current you have to do a little more
work. The safest method so far is to disconnect one
lead of the LED and solder a 0.1 ohm resistor in series
with it. When you turn the light back on, you can then
measure the voltage across the LED and relate that
measurement to current by using ohms law.
Measuring current is obviously harder to do and brings in
a certain risk factor. If it's not done right, something
could be damaged permanently. If you havent done
current measurements like this before it's probably a good
idea to practice on cheap lights first.
Normally if something is left open it doesnt hurt, but
with LED flashlights with built in driver circuits an
open circuit could cause higher then normal output voltages
that permanantly burn up the output transistor.
Take care and good luck,
Al