Here's a pretty good reference if I do say so myself:
AC-DC Power Supplies - Using Wall WartsThe first consideration is what type of wall wart it is. There are three general possibilities:
1. It's a step-down transformer with an AC output.
2. It's a transformer-based linear DC supply. The important thing to know about most of these is that there is no voltage regulator in the device. At the rated load, the voltage will be close to the nameplate, but at a light load, the voltage can be significantly higher.
3. It's a regulated switching power supply. This is the usual case for cell phone chargers and many current-generation supplies for electronics devices. These will supply a constant voltage over the supply range; sometimes a minimum load is required for operation.
A fourth possibility is beganing to appear, the constant-current switching supply for driving LEDs. If the rating is something like this, it's a constant-current supply:
OUTPUT
300 mA
1.2 - 7.4 V
The third type is the most useful for powering projects.
Once the type of supply is known, the second issue is the supply rating. Suppose we need a supply for a microcontroller board that doesn't have its own regulator. It's a 5 volt system, so we'll need a 5 volt supply. That part is easy.
But what current rating do we need? Electronics circuits draw only the current that they NEED. A supply must be rated to provide AT LEAST this much current, but a larger rating won't cause the board to draw more current.
Back to the microcontroller board. Lets say it has 8 LEDs that could draw 10 mA each, a PIC18F-series micro, and not much else on the board. The LEDs are the biggest current draw, 80 mA if they're all on. A power budget of 100 mA is about right. So a supply rated at 5v at 100 mA or greater will do the job. Operation and current draw will be the same whether the supply is rated for 100 mA, 500 mA or even 2000 mA.
Do verify polarity of wall warts before using! Red is not always positive and black is not always negative.