Microwave marshmallows and butter on High for 2 minutes. Stir, then microwave on High for 2 minutes more. Stir. (This can be done in a double boiler if one doesn't have a microwave.)
Add and mix quickly the coloring, extracts, then cornflakes. Drop by spoonfuls in clumps on greased wax paper and decorate with 3 red hots each.
Once cool, transfer to lightly greased serving/storage tray with lightly greased fingers.
