We report on trapping a single neutral atom in the standing-wave light field of a high-finesse optical cavity containing one photon on average, a single-photon optical trap, or SPOT for short. This trap has the novel feature that the light field is also used to observe the atom in real time. The oscillatory motion of the trapped atom induces well-resolved oscillations of the light intensity. Periodic structure is visible in the fourth-order intensity correlation function, attributed to long-distance flights of the atom along the standing wave. The finite duration of those flights provides evidence for cavity-mediated cooling of atoms. We discuss the various mechanisms determining the trapping time and compare the results with a quantum-jump Monte Carlo simulation to interpret the observed signals.