For whatever reason, Photoshop, unlike some less expensive tools (although, come on, did you actually pay for Photoshop?) doesn't have a tool that automatically removes red eye. This pissed me off to no end, but I figured out how to do it, with some trial and error, and by asking people who use Photoshop.
And that's about it. The hardest part is getting the initial selection right to make sure you get all the red out.