The title could be a reference to the 1995 multimedia CD-ROM "Bad Day on the Midway" by the avant-gard band The Residents. In one part of the game you can see through the eyes of a rat named Oscar, and when you do so, everything is a monochromatic red. The scene can be clearly seen in this YouTube clip, around the 38 second mark .
This was the first preview track for The Campfire Headphase. It was initially released as a download on Warp's Bleep store on September 5th, 2005, nearly a month and a half before the album's official release.