* A misheard phrase: Perhaps you've heard a similar phrase, like "one red cent" (meaning a very small amount), or "one red herring" (meaning a distraction).
* A regional expression: It could be a slang term used in a specific location or community, but without context, it's hard to say.
* A specific context: It could have a specific meaning within a particular field or hobby, like a game or activity.
To help me understand what you're looking for, please provide more context:
* Where did you hear the phrase?
* What was the situation surrounding its use?
* What do you think it might mean?
With more information, I might be able to help you figure out the origin of "one red."