Hopefully you have plenty of red color on hand! 
I use CK Product gel: Super Chinese Red it's the only one i've come across that makes a true red. Many of the cc'ers use Americolor, but i'm not familiar with them.
Rule number 1: remember to wear food prep gloves!!!
I form a bowl shape in the amount of fondant I want to color and put in about a teaspoon of red color, fold it over, and kneed it in...adding more red gel as needed. That amount of color sometimes softens the fondant too much, so I add some ps as well.
Don't try to color large amounts of fondant at one time....do it in smaller batches, then eventually kneed all the batches together to get a uniform color.
HTH
I agree with cakedout about the smaller batches...works better to color small ones and then put it all together. Unless you have arms like the Goveror of California! I use Americolor's Super Red. It still takes quite a bit- but it eventually works out! I've heard that some people start by using strawberry powdered jello and that adds a base color as well as flavor. Worth a try!
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