This is what it tells me in CS (version 8) most of the settings should be the same if I remember correctly.
Also, for more in depth Photoshop stuff go to click here and look in on the forums there. Retouching is the one you want. A fantastic web site for all photography related stuff!
How To Tip:
Fix red eyes in photos using the Color Replacement tool.
In the Layers palette, select the layer containing the image you want to change.
Select the Zoom tool in the toolbox, and click the eyes you want to fix to zoom in closer.
Select the Color Replacement tool in the toolbox. It may be hidden by the Healing Brush tool or Patch tool .
In the options bar at the top of the work area, click the current brush to open the Brush pop-up palette. Move the Diameter slider to make the brush tip smaller than the area you are fixing.
Make sure the other controls in the options bar are set as follows:
Click the Swatches tab to bring the Swatches palette to the front or, if the palette isn't open, choose Window > Swatches.
In the Swatches palette, click the black color swatch to use as your replacement color. Replacing red eyes with black, the color of the pupil, works well for most photos. However, close-ups of light-colored eyes may require additional touching up to reduce the size of the pupil.
In the document window, click once on the red eye to set the target color you want to replace. Drag the brush over the red area until you have fixed the eye. If some areas remain red, click the red area again to reset the target replacement color, and drag over the remaining red areas.