This answer is an improvement of Jakes previous answer, please read his answer if you're not satisfied with mine.
Using ImageMagick is probably the only way of manipulating raster pictures the way I need.

This output is produced by putting
\includegraphics{image.jpg}\redify{image.jpg}
But as Jake mentioned there could be a speed problem:
ImageMagick is called every time the \redify macro is called, regardless of whether the image has already been converted. If you have many and very large images, you might want to compile the document once with the conversion enabled, and comment out the conversion line from the macro on subsequent runs.
Therefore I added the executeifnewer
-routine that will check if the source image is newer than the redified one. If so, it will call the conversion, and if not, it will just include the picture. This might save you much time and can easily ported to other (not only conversation) applications.
Here is the code:
\documentclass{article}
\usepackage{graphicx}
\newcommand{\executeifnewer}[3]{%
\ifnum\pdfstrcmp{\pdffilemoddate{#1}}{\pdffilemoddate{#2}}>0%
{\immediate\write18{#3}}%
\fi}
\newcommand{\redify}[2][]{%
\executeifnewer{#2}{blurred#2}{convert #2 -fill red -tint 40 blurred#2}%
\includegraphics[#1]{blurred#2}%
}
\begin{document}
\includegraphics{image.jpg}\redify{image.jpg}
\end{document}