Orange, orange, red would be 3K3, with the gold band being the tolerance (accuracy). Quite a high value for your LED.
If your LED had a 2.0V forward voltage, then the resistor would be dropping 3V, meaning 3/3300 = 0.0009A or 0.9mA. That would give you a very dim LED.
To work out a better resistor value, measure the voltage across the LED while it is on (with the resistor in place). It will probably be around 2V but you want to find out to the nearest 0.1V if you can. Then you decide how much current you want to give the LED. 20mA would be full brightness, 10mA quite bright, 5mA medium and less than that progressively dimmer.
Convert mA to A by dividing by 1000. (10mA = 0.010A).
Subtract the LED voltage (you measured) from the supply voltage (5V) to give the resistor voltage.
Divide the resistor voltage by the LED current and you get the "ideal" resistor value. Find a resistor that is fairly close to that value.
Example: 1.8V LED, 6ma.
LED current is 6/1000 = 0.006 A
Resistor voltage is 5.0 (supply) - 1.8 (LED) = 3.2 V
Resistor value = 3.2 / 0.006 = 533 Ohms.
Closest standard values to that are 470 Ohms or 560 Ohms. 470 will be slightly brighter at 6.8mA and 560 will be slightly dimmer at 5.7mA. You probably won't even notice though