What does wearing a red wrist band mean?

It means HUG!!!

NO It Means Kiss Yellow Means bug 1

The orange rubber bracelets usually signify support for Multiple Sclerosis and say "I Will". There are also orange rubber bracelets that represent Tennessee UT Basketball team, and other sports teams. Tennessee is notable because their orange rubber bracelets were one of the first take-offs after the Livestrong bracelet got really popular. In addition, The American Cancer Society has release orange rubber bracelets that say, "LiveFree. SmokeFree." in an effort to promote a smoking free lifestyle. Orange wristbands are also used for support of Asperger's syndrome (a syndrome that is kind of like autism), lupus, and self harm (I think this is people who cut themselves).