Right on, good info in here.

You guys are hired!
As long as the stereo is aftermarket (Sony, Kenwood, Alpine, etc...) and not a factory stereo (Ford, Chevy, etc...) then the red wire goes to Ig or Acc on the back of your ignition switch. Some ignition switches have a ACC pole and some don't. If your ignition switch doesn't have a ACC pole the red wire goes to the IG pole on the back of the ignition switch. Yep, yellow gets power all the time.
BTW, most stereo yellow/memory leads consume very little power and your battery should be good for several months.
If your stereo is a factory stereo repost with a pic of the stereo and I'll tell you how to wire it correctly.