I started out with two problems, the insanely low audio quality + this strange red light emitted from my headphone jack, and not being able to update to Bootcamp 3.1. I’ve been wrestling the internets to find out how to fix both these problems and it turns out, the former can be solved if you get the latter. I then found the thread on http://discussions.apple.com/thread.jspa?threadID=2326188&tstart=0 that says the Bootcamp Update has issues when you have remote viewing software. The advice was to remove any additional graphics adapters apart from your actual graphics adapter.
You can do this by going to the start menu, right-clicking on Computer -> Manage.
grr.. so print screen button in MBP is Fn+Shift+F11 (thanks F 🙂
You can right click on the extra display adapter and uninstall for now. You’ll probably need to reinstall your remote viewing software after the update.
After you uninstall, you should be able to install the Bootcamp 3.1 update with the Apple Software Update. I’m not sure whether that alone did the trick to fix the red light problem and the poor audio quality, but I had previously downloaded and installed the latest Realtek drivers for Windows 7 from their site cause I saw folks mentioning this solved their problem though this didn’t fix it for me before the 3.1 update.
Now I can get back to coding with some good background music. Yey Sunday!
being in tech 
I think the red light from the headphone jack is most likely the Optical Mini-TOSLink, it doubles as optical out and a normal headphone jack. Have this on several of my laptops.
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