The Red light is serious. Get the ship on the ground and the battery out of the ship if possible. I have had batteries vent after being removed.
Turning the battery switch off will always stop the runaway.
I too have heard the story of explosions but they were always 3rd or 4th hand. I think they are folklore.
My bad
\"Turning the battery switch off will always stop the runaway.\"
There should have been a big NOT in that sentence. Opps!!