The red light usually means OC mode on the gtx 580.
1. Can your PSU handle that card? Is the card plugged into the PSU?
2. Make sure the card is in the right slot.
3. If the card is in the right slot, make sure it's properly inserted. You should hear a click indicating it is in the slot securely. There should also be a screw that you screw into the top metal flap hovering over the slot on the side of the case.
4. Connect the cables from your PSU to your card.
Has the computer turned on at all since you've installed the graphics card? If so, did you see anything on your monitor? Were fans spinning?
Have you heard any beeping from your machine?