Yes, Red vs. Blue is an American production but even as a stalwart Brit I do admire their execution. If you want more details then try the links.
Red vs. Blue is situated in the Halo universe. An understanding of the Universe can help but is not essential to understanding the commentary portrayed in their dialogue. The films are classed in the field of Machinima and are becoming available on the Xbox360. The wikipedia link will provide an extensive summary of this and Machinima.
Red vs. Blue is certain to become a milestone in social history. Make a conscious effort to view the 'Full Circle' download on Xbox Marketplace; it is classic Red vs. Blue humour.