The title could be a reference to the 1995 multimedia CD-ROM "Bad Day on the Midway" by the avant-garde 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.