Since you don't know anything about it or how old the string and cables are... I'd take it to a reputable archery pro shop and have them go over it for you. Check the cables, axles, string etc. and have it lubed real well. They should also beable to fit the draw length to fit you and set you up with some good arrows. Expect to pay for this service as you didn't buy it from them. The red button you describe sounds like a Kwickee Quiver attachment bracket. You buy a quiver it comes with it. If any of the strings or cables are frayed or look worn I wouldn't shoot it until they're replaced. If you shoot it and it breaks you'll get real tired of bowhunting in a hurry.<img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_wink.gif border=0 align=middle>