IC 558 Quad timer chip, single timer in monostable mode
Reset pin, pin 13 must be tied high to enable trigger input.

Output pin is normally driven low and is pulled high when timer is triggered. This means that your LED should be normally on and blink off when the timer is triggered. 

10M is a very high resistance value. I'd try lowering to 100K and use 1uF cap.

Can't see why it is getting hot. Carefully check your connections.