The Red Snake, much like the Blue Snake, has a primary purpose of transferring Rings from one game to another. If Link has two Game Boy Colors, a Game Link Cable, and is playing a Linked Game, then the Blue Snake can be used to transfer Rings. The Red Snake can be used if the player does not have access to multiple Game Boy Colors and a Game Link Cable.
The Red Snake transfers Rings through a Ring Secret. Speak to the Red Snake and it tells Link a Ring Secret. This password can the be taken to the corresponding Linked Game. Speak to the Red Snake in the Linked Game and type the proper Ring Secret and all the Rings will be transferred over.
It does not matter whether Oracle of Seasons or Oracle of Ages were played first, but it must be a Linked Game in order to transfer Rings. Rings cannot be transferred from Seasons to Seasons or Ages to Ages, as it only works with opposite games that are Linked.