Rusty,
I'll tackle the mystery switch that lights up "red". It's the switch for the electric element in your water heater.
NEVER turn it on unless there is water in the water heater tank. That's comforting, eh? How often have you, the wife, the kids clicked it on & wondered, "Hmmmm?"
Don't fret too much though, because there is another switch located in the external compartment for the water heater. It can (& might be) turned off to prevent accidental energizing the heater element... The crazy thing though is that the red light comes on if the element heats or not...
Go figure...
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