You are operating a power boat at night you see red and white lights on another boat what should you do?

Depends on the configuration of the lights. Where are they at on the vessel. There are many different situations where you could see red and white lights, such as: pilot boat, fishing vessel, engaged in fishing, restricted in ability to maneuver and so on. The most likely answer to this question is a white masthead light with an arc of 225 degrees and port side running light with an arc of 112.5 degrees. In most situations you will be the "give-way" vessel and will NOT have the right of way.