As a child growing up around a fire house I couldn't wait to see everything that was based on fire fighting, but this series just didn't cut it. Yeah it was cool to watch as a kid, but it really wasn't very accurate. Its predecessor, Emergency, was a far superior show ran 6 full seasons and even today the techniques shown and used in the show are still relevant and pretty accurate even if the apparatus and some of the equipment used is now dated.
Emergency is a definite watch, but you can avoid Code Red if it ever comes out on some kind of media format in the future. All seasons of Emergency are available on DVD today.