yes you are but its slightly harder to catch than the normal ones
Red Gyarados is captured by using a Pokeball. In combat with Red Gyarados, a player can weaken the Pokemon and then use a Pokeball to capture it.
You have to catch or defeat the red GYARADOS
you aren't supposed to defeat the red gyarados, you're supposed to catch it
Kill or capture the red Gyarados at the Lake of Rage.
lake of rage
A red Gyarados is just a shiny Gyarados. There is no specialty, so just check your Pokédex to see where Gyarados is and start fishing. The chance of a shiny is just too small to look for it purposely. Or you can activate the code for shiny Pokémon and capture Gyarados.
its not in the game only in gold silver crystal
There is not a red Gyarados in Lake Verity. The in-game report of a sighting is simply a story mechanic to get the player there. This little story element is a reference to the Red Gyarados in the Lake of Rage on Pokemon Gold and Silver.
It is not possible to get the Red Gyarados in Pokémon Yellow version. You can only get it in Gold, Silver and Crystal version.
In Pokemon Silver you can find red gyarados in LAKE OF RAGE. You need to go up route 43 from Mahogany Citie = =
Talk to Mr.Pokemon after you get a red scale from the red gyarados
After you fight the Red Gyarados at Lake Rage, go talk to Mr. Pokemon. He will offer you the EXP share for the Red Scale you get for beating/capturing the Red Gyarados.