Short answer: Yes. But I can't find any material to back that up specific to interaction with software.
The color red can be one attribute in denoting an error, but should never be the sole attribute (unless you hate colorblind people, in which case: stop designing software). The point of an error message is that it should be visible, explicit, human-readable, polite, precise and offer constructive advice. None of those state that it should be red. You can make it green or yellow, as long as it's clear that there's an error happening.
That said, we should take user expectation based on years of red error text into account. Although red text in and of itself doesn't signify an error, it can help "draw the eye" similarly to how big square blocks of roughly 200 pixels square get ignored because users have trained themselves to ignore ads of comparable size.
Additionally, I found an interesting article at KISSmetrics called How do colors affect purchases?, which has nothing to do with red error text but does show a bit of the relationship between psychology and decisions about color.