Well, truth be told, you are pretty much screwed. Being a former professional car detailer, I'll give it to you straight. You can salvage the paint, but it will never look 'new' again. Red can be a hard color to restore, especially from oxidation, but its not as bad as black. If you are handy with a buffer, then I suggest getting a medium strenth compound and buffing out the paint. If not, you can do it by hand, but your arm will fall off before you're done with a panel of the car.
I would suggest forking out about $200 and having a professional detail shop buff out your paint. They can get it close to the original color depending on how bad the paint has faded. The only think you risk is them 'burning' the paint. When you buff a car its always a concern, especially when trying to get out scratches or oxidation. However, if the detail shop is any good, then you shouldn't have a problem.
If you you were local, I'd detail the car for you.
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