American Roulette Wheel
There are two basic types of roulette wheels, American and European. The real odds buster of the game is based on these items. American roulette wheels have 36 numbers on the wheel that alternate red and black. In addition, there are two green squares, 0 and 00 which shift the odds into the casino's favour quite handily since bets on red and black pay 2-1 but the actual odds are 18/38 rather than 18/36ths (.4737 and .50 respectively). Thus the casino enjoys a considereable advantage on this bet (.027 roughly). While this sounds like a small amount, it is really a great advantage in the long run (although you can look at the casino and think about what it costs to build and figure out pretty quickly who really wins in the casino).
European wheels have only a single 0, so James Bond has a slightly better set of odds (.4865) when he plays in Monte Carol then does Felix Lighter playing in Atlantic City.
As to which numbers are red and which are black, you can look at a variety of wheels on the internet and decide based on this.