Couple of things to try here (assuming your project has no errors): Click on the arrow on the run button and then specifically select your project to run.
Check if you are able to run your project in an emulator also -- see screenshot below.
Below is how you check if your phone is recognized by Eclipse - if it is ... you will most definitely see a lot of output in LogCat. if your phone is successfully connected, you will see lots of messages scrolling in the logCat.