The only name you will see in red now is swimtrekkr here on the newbie board, since he is the host here. As far as I know there are no other hosts or hostesses anymore. For a couple months in March/April, the Florida and Atlanta boards had hosts and hostesses, so if you are reading older threads there, you would see some red names. Also prior to February 4, all boards had one or more moderators and their names were in red, so again if you are reading older threads you will see red names. When TER admin posts on a thread, then it will be in red. (some current examples on the Suggestion adn Policy board)
As far as the red text, that question has come up thousands of times and there are tons of threads on many boards that came up with lots of theories but never came up with a good answer. However, this linked post is the best answer I ever saw and it was posted by a former moderator who said he got the answer directly from the original owner of TER, so I believe it is an accurate answer.