Although I agree that red is a good color on you, I'm not a fan of board shorts. They are just too long, and they make guys look like they have short, stumpy legs, which just makes them look shorter than they really are. I don't know why, but long legs are sexier, on both men and women, than short legs, so you should always try to dress in a way that makes your legs look a bit longer. Therefore, choose shorts and swimsuits that show the knees, at least. Better yet, reveal a little thigh.
But, you don't have to wear a speedo, either. There are some really attractive swimsuit styles that are more modest than a speedo, but not as ridiculously long and baggy and board shorts. I'm attaching a few pics of swimsuit styles that I like.
If you choose a speedo-style suit, I agree with the guys who said that you should wear one with shorter sides, or...
i dont know what there called, there like short shorts, but there tight and material like speedo, i bet you would look hot in one of those, daniel craig wore them in the first james bond movie
This is what naisho is talking about.
http://www.tjbd.co.uk/images/casino-royale/grigioperla-swimming-trunks.jpg
And here's Daniel Craig in the suit.
http://brasilmagic.files.wordpress.com/2008/06/daniel_craig_300x400.jpg