How much of the pipe is glowing red? The first inch maybe normal but if its 8 or 10 inches down the pipe I would be scared.
Maybe the muffler is clogged ,maybe running way to rich. Both would turn the pipes red and explain the no power condition.
But where is the coolent going ? did you check the oil to see if its got coolent in it ?
If you got it new I would take it back asap.
Oh crap I just realized how old this post is