Here is a schematic of what iam trying to do.The Voltage sources are output pins on the IC and only one output pin will be pulled high at once.I believe the led will light up but will the IC have any damage or problems from connecting the 3 output pins together to the one led?or anything else to worry about?thanks

http://tinyurl.com/ybr5egrr


Mod edit: added local image from online schematic generator

 

You don't say what IC it is. But since there is no pullup resistor, I assume that the IC output sources current to output 5V and sinks current for 0V outputs. In that case, you can't connect the outputs together as the low ones will short the high ones and cause problems.

Consider a diode OR gate:

https://en.wikipedia.org/wiki/OR_gate

 

Thanks, I also learned here....... you could check https://en.wikipedia.org/wiki/Integrated_circuit as well.