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BLOOD to me.
But then again it could be landscape rocks
or $50 dollar bills.
Or ketchup.
It's probably mess tent talk for ketchup.

Now that 21 has added her speculation…it is actually a flat nylon rope that is used when preparing cargo for transporting by air under a helicopter. The colour of the rope represnts the strength ie: red is 50 lbs; black is 100 lbs; etc. The 'sh*t' came from a soldier who had just finished the qualifying course.