You need to start watching the Discovery Channel. LOL It's a picture of deep sea hydrothermal vent tubeworm (Riftia pachyptila) from one of my dives in the research submersible Alvin. That picture was taken 1.5 miles deep. Ironically, those guys like all the stuff we try to keep out of our reef tanks.
Edit: More specifically, the red part is the "plume" of the worm. Basically its gills, its region of gas exchange. The white part is it's tube. They are soft and leathery when wet but are very brittle once dried. These animals have no mouth and rely completely on their symbiotic bacteria for their energy needs.