Red does not mean someone you know will die or something tragic will happen. Red is color for poeple who love life and have passion. Most of the time the person interpting the dream needs to know the particulars. Whites, blue and purples are spritual colors Blue is the color of speach. Green and brown is creativity Reds are passion. Orange is for anger. Pink is for love. Yellow is for energy. Nothing is set in stone There are many books about color how to use them for attracting things to you and for healing. Linda Goodman has a book about color, numbers, and astrogology all rolled into one try it.
If a person dreams of blood, which is red, it's a very positive sign, because blood represents life, not death. Life as in re-birth. Dreams with blood indicates that you have intensely negative people and situations in your life that are causing you a lot of trouble living. You need to purge these people and situations from your life so you can start a new positive beginning, a re-birth. :-)
Psychological Meaning: Water usually represents our feelings and emotions. Like the waters of the womb, it can also represent security, life and birth. The nature of the water can reveal your emotional state of mind. For example, if you dream of crashing waves or rocky seas, this may show that your emotions are out of control. A fast flowing river may show emotions that are rushing ahead too fast but if the waters are peaceful then so are you.
Mystical Meaning: Deep pools and lakes of water can represent the unconscious. Like the lake in the Arthur legends, magical gifts may appear to change your life
The Dreamers Dictionary by Stearn Robinson and Tom Corbett, An excellent book on dreams. I'm sure it's available your side of the Atlantic, because one of the authors is American.
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For example I have heard that red is a sign that someone you know will die or something tragic will happen.
Please if you know any meanings share them,