I have setup an app project and a static project in a workspace in XCode 4.3.3, no problem.
However, I find all my products are in red color. I understand that red means I don’t have those products, right?
But I still can run them and test them.
Here is the screenshot:

Where the problem is? Where are they? Why they are in red while I am still run them?
Thanks
The products are only shown when you build for the device. If you’re only building for the simulator then they will stay red.
However, you can navigate to the build folder:
File -> Project Settings -> Advanced… -> (click the 2 arrow links at the bottom of the sheet)