Why????

[Steppenwolf]

Red rings don't exist in the current games, but the code is still there,as is true with many other hacks.
As for a cool looking shield, I've always liked the Delsaber's shield. You can find it at fairly low levels (hard i think), and it'll be the best sheild you'll be able to untill around level 100. If I remember coorectly it's better that the purple ring and looks better too. Also it has great defense against Dark.

My personal favorite for the higher levels is the Stand Still Sheild, which has better defense than the Red Ring.