RED is CIA jargon for Retired, Extremely Dangerous. At least in the movie.
If you want great acting and serious belly laughs, see this film. John Malkovich (the CIA gave him LSD for 16 years) and Mary-Louise Parker (clueless Dilbert-cube-worker-turned-secret-agent) steal the show, in my view, but it’s impossible to find fault with anyone.
Be sure you drink lots of coffee before you go – the fast-moving and innuendo-filled dialogue is reminiscent of the greatest Hepburn-Tracy fireworks, and you need to be wide awake every second.