Yes, a red dress can work wonders. You do need to have the confidence to wear it though.
Red to me is a colour of passion, intensity, vigour, impulse, boldness. I like to wear it and luckily the colour suits me.
Red lipstick can work if worn with the right outfit, and you have the right complexion for it. Red nail polish...not so much.
Some women look awful in red - it doesn't suit their appearance. Some women look smoking hot. I'd say a hot lady wearing a red dress versus a hot lady wearing a blue dress would generally win. Though they can both look equally beautiful, the attention the lady in the red dress gets will be more intense. Though it can be a bad, ogling, sexual kind of intense. But hey, if you like that sort of thing.
As a final note: