Schematics for using IC 7489 memory
The outputs are "active low" - if you write a High (1) to a memory location, you will read back a Low (0).  

The outputs are "open collector" which means that the output transistor's collector has no connection inside the chip - you need to add a pull-up resistor to see a high output. Your LED + 470 ohm to +5 will light the LED when the output is low, which will indicate you wrote a "1" to that memory location.

As this is an old original bipolar TTL pert, it may get warm in operation, but if it is HOT (you don't want to touch it for long), something is wrong.