My copy of 7.0 caused too many problems in the computer, so it's been uninstalled. I currently use 4.0 in one computer, and 5.5 in the other. I just checked the help index in 5.5 and there was no listing for red-eye.
If you can't find it in the help menu, you need to click ONE red eye with the magic wand tool, then go to 'Image' then 'adjust' and correct it with the hue and intensity and brightness and contrast. Make sure the 'preview' box in that window is checked and you can see the changes as you alter it. Make note of the numbers when you have it where you want it, then do the other. There's no way a photo program can compensate for red eye without affecting other color and brightness setting in the photo, that's why you have to select it with the wand. You can also freehand it with the lasso tool, or use the magnetic lasso tool to follow the outline as long as there's a good contrast with an adjoining color. To get the magnetic lasso, click and hold on the lasso till 3 box options open up, then slide the cursor and click the one you want. Then double click it and the options box opens on the top right, and select the number for it's sensitivity.