Red Zune color is available for the Zune 8 (shown above) and also the Zune 80. Keep your fingers crossed for a future red 120 Zune.
UPDATE: Red Zune Cometh
June 10th is the official release date for the limited edition red Zune (also known as watermelon Zune). According to Zune marketing the device will be available exclusively though Amazon.com and Target. We had high hopes for a green doubleshot but it appears to be clear. If red is not your color check out the special Halo 3 or Pink limited edition colors. Of course the flash Zune will also be out this year and will probably cost less than the hard drive based players.
Watermelon Red Zune Confirmed
Watermelon 1600 x 1200 wallpaper
Watermelon 1440 x 900 wallpaper
Watermelon 1024 x 960 wallpaper
Welcome to the picnic! The Zune team has now confirmed the coming of a watermelon red Zune twice, so it must be real. The blood red photoshopped Zune on Engadget wasn't very convincing so we took a stab at what we think it may look like. We're guessing the unit will sport a green doubleshot, hence the watermelon name. If you're looking for a new PC wallpaper consider downloading the super duper high res watermelon red Zune pictures above . The release date has not been announced but it will come after the baby pink so we're guessing June 2007.
PS - THe Zune is not really bigger than a watermelon, it's quite small, really.