Are you talking about these http://en.wikipedia.org/wiki/American_Red_Squirrel
I suppose they would be work in a survial situation but I've never heard of anyone hunting these for food. Most often they are considered pests of the first degree as they love to get into attics and walls of houses. Also they aren't much bigger than a chipmunk.
However whenever I mention red squirrel I'm talking about the one I posted a link to, not the fox squirrel.
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