cd /etc/init.d/
touch red5
chmod 755 red5
vi red5

Paste below code

#! /bin/sh
#
# Author: Jake Hilton <red5@jakehilton.com>
# /etc/init.d/red5
#
# Check for missing file
RED5_DIR=/opt/red5
test -x $RED5_DIR/red5.sh || exit 5

case "$1" in
    start)
        echo -n "Starting Red5 Service"
        echo -n " "
        cd $RED5_DIR
        su -s /bin/bash -c "$RED5_DIR/red5.sh &" red5
        sleep 2
        ;;
    stop)
        echo -n "Shutting down red5"
        echo -n " "
        cd $RED5_DIR
        su -s /bin/bash -c "$RED5_DIR/red5-shutdown.sh &" red5
        sleep 2
        ;;
    restart)
        ## Stop the service and regardless of whether it was
        ## running or not, start it again.
        $0 stop
        $0 start
        ;;
esac

then you maybe need

useradd red5

and use like

service red5 start
service red5 stop
service red5 restart

For Debian there's also a ready-made init script here:  http://red5.googlecode.com/svn/build/debian/trunk/red5.init