how do i right click when a red line appears under a misspelled word?

Double-click to highlight the word & then right-click just as you would anywhere elese. Suggestions will be at the top of the list. Many times there are no suggestions.

Of course, make sure secondary click is turned on in the mouse preferences in System Preferences.

how do i right click to view the correct spelling?

If you're using a Magic Mouse, read the "Two button click" section near the end of this web page: http://www.apple.com/magicmouse/.

You can also do a document-wide spell check using Pages' Edit > Spelling > Spelling… menu command or its associated shortcut key.

With a basic Mac mouse hold down the CTRL key and depress the mouse. If you have a mouse with both buttons available then you need software to enable a standard right-click. What make and model of mouse are you using.

But that won't work if the OP is using, say, a Logitech mouse. Hence, the reason I asked about what mouse the OP is using. My Mac Pro came with an old corded Apple single-click mouse; it's a 2006 model. 🙂