It doesn't really look like an infrared effect though. It looks more like an X-Ray. Infrared looks more like a bright red person with orange spots around their eyes and such and blue coloration on cold stuff in the room around them. It doesn't make the edges light up like that. Of course I'm talking about a full color infrared view. It would look better to have a red color as you said and just use a black and white image. Or maybe some kind of hybrid. I wonder what mixing an infrared view with a color view might look like.
What you are talking about is a heat-seeker display. An infrared display only translates the invisible spectrum (infrared frequencies, that is) to the one visible to the human eye, usually resulting in green monochrome shades. Of course if used in a bright ambient the screen goes blind, since it also adds the visible spectrum to the final result. A good representation is the effect achieved when using the Marine in Alien vs Predator (after enabling the infrared display of course).