When I go full screen on my LG LED monitor, the screen on my macbook will go to that gray background (that you get when you swipe) and I cant use the screen anymore
I'm assuming you're on Mountain Lion? It's a problem with how Mountain Lion deals with full screen apps on dual displays. Apple, in their infinite wisdom, decided that you can't use the other screen if you're using an app in full screen mode.
When I go full screen on my LG LED monitor, the screen on my macbook will go to that gray background (that you get when you swipe) and I cant use the screen anymore