No bubbles? Oh man, that brew is ruined. In fact, it's likely to explode, decimating everything within 10 square miles.
Seriously though, we say it every day, often multiple times per day. Airlock activity /= fermentation. I'm going to go out on a wild limb here and guess you're fermenting in a bucket? Most of the time those things don't get perfect seals, so the CO2 isn't forced through the airlock as it is in a carboy. Don't worry, thiswon't hurt your beer. It just means that you don't get to listen to the joyous symphony that is Airlock in C Minor.
Alternatively, if you are using a carboy, there is a chance that fermentation was rapid, and that you missed it entirely. This is even more likely if your fermentation temps are high, say above 70 degrees.