Hey man, the red slime is probably a bacteria called cyano, and isn't in fact an algae. You can go to any local pet store and ask about it, they should have a powder that you dose the tank with (will cost about $10) and it should kill off the bacteria within 48 hours, unless it is really bad and it will take two times that long. I had the same problem and this cured it really well. The red stuff will die and turn brown and if you have snails they'll clean the dead stuff up. Hope this works for you, let me know.
And oh yeah, if you are using flake food, then the cyano is prolly a sign that you are over feeding.
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