I having this problem happen quite frequently. I will get green, red or yellow. Should I re-install CS2, I have change monitors and it still happened. I have deleted my preferences and it still happens.

What is it and what are my alternatives?

Is this the way the image is when it comes out of the camera or after you process it? Is the damage always in the same place or does it occur randomly in every image?
The damage is only in the Red channel. It would indicate that you may have a defective flash memory card or possibly a defective section on your camera's image sensor. Try substituting a memory card in your camera first.
Regrads, MM