It is also a fashion statement which refers to wearing the colour red or changing the colour of your hair to red. Red is a strong colour and one we know enrages a bull. So I think the idea is of a colour that attracts attention and strong reaction.

It could also mean to go raging in a night club dressed in red clothes

It's the name of a song by Dear Leader and Guns and Roses Touche touche you back away From this cruel cruel occupation you're the prey In the jaws of the tiger You're the star of a passion play Hurray hurray the hit parade With a thousand hooks that seem to rip away Like the heifer hung This bird has sung it's final days Hands up sha-sha-sha-shakin Raging red it's yours for the takin' Hands up sha-sha-sha-shakin Raging red it's yours for the takin' Obey obey all that they say When your comrades pump and you just feel betrayed When the empire falls They don't return your calls They run away Hands up sha-sha-sha-shakin Raging red it's yours for the takin' Hands up sha-sha-sha-shakin Raging red it's yours for the takin' It's yours for the takin' Yours for the takin' It's yours for the takin'

The participle 'raging' can have all the meanings associated with the verb "to rage". When applying it to colors: raging red = a wild, intense, hot, passionate, or angry, red color She was raging in red. = She was dressed in red and the impression was intense, wild, hot, passionate, etc. "Raging in red" is sometimes used in the fashion industry to describe a "color". The looks this week span the spectrum from peachy delight to electric blue to uptown prairie chic to master in stripes to raging in red.