I faced this RED light problem today and searched for some solution. I don't dare to take the battery out but I saw this solution. I am giving this a try now...
There is a documented process for fixing the red light of death. Basically you need to do a battery pull and then let it charge for awhile. HOWEVER, there is a way of simulating a battery pull without actually doing it:
1. Unplug phone from charger
2. Press and hold the volume UP button plus power button for 60 seconds.
3. Release buttons.
4. Plug into charger
5. Wait about an hour for it to charge.
This is a documented and published fix from LG and Google. The pressing of the buttons does something to simulate a battery pull - probably some sort of flushing of any remaining current out of the phone or tripping some sort of e-fuse like feature.
Let's see what happens in the next hour so so...