Resolution These files are unnecessary and can be safely deleted from the system. The functioning of the runtime library will not be affected by this.
Its a known bug and is fixed in VS2008 SP1.
I'm assuming you installed Visual Studio 2008 SP1 at some point.
Just delete the files listed on the link, including VC_RED.cab. I don't think it's gets much simpler than that.
Note: It may also be a leftover from something else that installed the VC++ Redistributable library that it needed also. Like Midknyte said, you should just be able to delete the folder and its contents without causing any issues. If you get a permission error when you try this, you may need to take ownership of the folder and subfolders first.