Joe, you can try this...

Step one:
Open your image and set the mode to RGB Color.

Step two:
Zoom in until you can easily select the pupil of the eyes.

Step three:
Using the ellipse selection tool, make a selection of one of the pupils (make sure all of the red eye is inside your selection).

Step four:
Hold down the shift key and select the other eye. (for aliens or creatures with multiple eyes, continue holding down the shift key until all eyes are selected ;) )

Step five:
Open the channels palette and select the Blue channel.

Step six:
Copy the Blue channel.

Step seven:
Select the Red channel.

Step eight:
Paste your selection into the Red channel.

Step eight:
Switch back to RGB and deselect.

The information in the blue channel has now been copied over the information in the red channel within the selection and the red-eye is eliminated!!!