i think there is probably is a faq on here, but the red key is the "master key" that the blue keys are coded from....with out a red key if ur code system desides to flubber, which is more comman that you think...you cant start the car...
that said there are loads of people about that can take your ecu and remove the code system and return it back to a virgen state, its just a pain in the ass
wile its not the end of the world, and wouldnt stop me from buying a car, its a good deal making point