Thanks guys.. I was thinking about maybe first trying to swap out the incandescent bulb with an LED type.
You can't just swap in a high power LED to the incandescent bulb's socket, it won't light up at all. If you just want it cause its cool there are automotive drop-in bulbs for about every kind of automotive buld, a google search for "LED XXXX" where the x's are the number off the factory bulb will get you that, it won't give off any more light than the stock incan bulb does so dont think your going to be working on anything.
If you wanted to do something custom you'll have to come up with a way to house and heatsink the LED's, a 12v in driver and the best placement, plan on spendin over $50 for just a single high-power LED, that's why I said a light with a magnetic base would be SO MUCH easier and cheaper and really the best way to get LED light under your hood.
Here is my final suggestion for an actual usable LED light source for an engine bay-
Start with one of those 24" T5 fluorescent shop lights they make for hanging on the underside of the hood that either has battery alligator clips or a 12v plug, the kind with the bulb it's self inside a protective outter housing, then get yourself a 24" T5 LED replacement strip and swap that in. That way all the wiring is done for you (the drivers are built into the T5 replacement bulb and run of the original T5's ballast that's built into the shop light.) I would expect total cost to be $70-100 ($25 for the fluro shop light and $60-75 for the T5 LED replacement strip.
Im not trying to be rude, but it doesn't seem like you have the required knowledge to be building custom high power LED's, maybe start with something a little less ambitious-mod a flashlight or build a P60 drop in and as always-STUDY. LED's don't run off a 12v (or any other voltage) input, they require varying voltage and constant current (Ampers) that's what the driver is for, a 12v plug from a incan auto buld isn't going to do anything but blow up a cree if you tried to do that, I doubt it woul even put out light while it was doing it either.
Those cheap plug an play led auto bulbs are low power led's that don't require a heatsink an have a built in resistor as well as a waterproof protective clear encapulant.