We called them blanket parties in the Marine Corps also. That code red bullshiite came from the movie A Few Good Men.
In the 23 years I was on active duty I never once heard a blanket party called a code red. My son left active duty 5 months ago, and he will tell you the same thing.
I stand corrected. I thought I had heard or read it before or possibly channeling the promos for the movie. My embarrassment.
BTW, if you were serving in the mid to late 70's I may have been your bellhop on the USS New Orleans (LPH-11). It was my privilege and honor to assist you Marines on the flight deck. Initially thought of joining the Marines, but the Navy was just a better fit for me having grown up around the ocean. Thought of trying SEALS, but knew I didn't have the right stuff.
Still, I'm proud of my small contribution during 11 years Navy and wouldn't trade all those 'round clock flight operations and months at sea for anything.
Semper Fi to you and your son. Marines have always been my favorite branch.