Is it possible to replace a compact 50T chainring from my Sram Force set-up with a 50T Red chainring, they both have the same 110 PCD so I don't see a problem, does anyone know if I'm wrong?
It is possible, as long as you use the SRAM Red Black Edition 2011 or earlier.
The new 2012 Exogram SRAM Red requires a different front derailleur design, and while it will physically bolt up, it won't shift well at all.
Any other SRAM compact (110 BCD) chain ring will work fine.
If the BCD is the same size and the tooth count is the same there should be no problem at all.
Take care to not strip the chainring bolts when reassembling. I generally tighten these in a "skip one" pattern, like you might when changing a wheel on a car.
If you change tooth count you will have to retune the drive train, but usually this is pretty straight forward as long as the front derailleur can be adjusted correctly.