Just started using Mountain Lion (coming from Lion), and noticed some of my files on my Mac are highlighted red. Also, I just reinstalled Data Rescue 3 and it is highlighted as well in my Applications list.
Does it look like this? That red is from a label you can apply and remove in Finder. Start Finder and select the file then click the gear dropdown arrow in the Finder toolbar. One of the items on the list will be labels. Click the X to the far left and it will remove the label.