There is a lot of confusion on the 'net with this topic..glad I found this forum.
I have two - 3 way switches on either side of my garage. To hook up a radio, I need to run a long extention cord...i hate doing that.
If I understand what everyone has been saying...the red wire is the flippy/floppy wire that allows 3 ways to work but the black/white wire stays the same.
Would it work if I pull out the wires out of the far switch..put them into a connection box...use all three colours to run to a new light stitch in a new box and feed just the black/white to a new two outlet unit. Not sure what I would ue for ground ...
If you only have three wires in the switch box then you CAN NOT install a receptacle. There is no neutral wire in the box.
Your assumptions about the wire colours are not correct. Any of the colours could be used for any part of the circuit.