Red? How odd! (3)

I believe the answer is:

rum

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'odd' is the definition.
(rum can mean strange or dubious)

'red? how' is the wordplay.
'red?' becomes 'r' (I've seen this in other clues).
'how' becomes 'um' (I can't explain this - if you can you should believe this answer much more).
'r'+'um'='RUM'

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(Other definitions for rum that I've seen before include "An odd kind of drink made from molasses" , "The spirit is peculiar" , "Odd spirit from sugar cane" , "Weird" , "Queer" .)

I've seen this clue in the Evening Standard.

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