I want an effect so that the camera blurrs red when my player is shot. Is there any effect or even script component i can use?
There is no way of doing straight up, post processing blur in the standard version of Unity.
If you have Unity Pro, there is a camera blur script in your Image Effects folder. Simply attach that script to the camera you want to blur, and apply the settings you prefer.
To the best of my knowledge, there is no way to implement blur or other post processing effects in Unity standard, as most of them require some kind of render to texture or framebuffer functionality, which is only available in Unity Pro.
It should all ready be included with unity.