There is an ISP switch on the board and the pins for programming may be on the header labeled "debug", although it's likely that those are JTAG. Either way, it should be easy to reprogram it. Not sure what you would do with 12 LEDs and a power button, but it's certainly possible.

The LPC11U37F in the controller could be worth a look too.

Almost certainly; that's the same processor as used in one model of the mbed, all you have to do is find the JTAG/SWD on the board. The default firmware may be code-protected, but there are ways round that.