Yea I don't know about red LED's I know that since the LED craze hit there has been a TON of overseas manufacturers mainly in China selling all types of LED fixtures/strips. From what I hear many are good for growing plants as Pauli said. I am unsure about corals. I would think you would need white LED's regardless of wattage. The red probably isn't bright enough for coral growth but might look cool to tint the corals a different way other than blue. Basically what I am saying is it might be cool to experiment with a different color on your tank but don't bank it will keep corals thriving. Perhaps someone more qualified like Sanjay or someone can chime in and offer more facts. Good luck man!
Red lighting also gives things kind of a greyish brown color. Not very attractive. -___- I tried it with red t4 lights before. Looked like someone murdered a cat in the fish tank.