EDIT 2:
Sorry I just reread your question and noticed that you were asking for interior color not outside color.
Get a black interior with Alpine white. Red color looks a bit revolting, in my opinion. But You'll be better off with black
Look in 1995-2005....black on black was hot and eventually by 2000s red sports car or red with black is hot.
I would strongly recommend you fox red interior with alpina white with black BBS CH rims 19" and matte black grilles, carbon fiber splitter, carbon fiber diffusers, carbon fiber spoiler, if you get a coupe E92, then carbon fiber roof will make it look head turner. It may be costly but the end results will not disappoint you.
IMAGE:
http://autocarsnews.info/new-cars/2011-bmw-m3-pure-limited-edition/
E46 M3:
http://m3forum.net/m3forum/showthread.php?t=283203
Or go black on black: (E93 M3 convertible)
http://www.m3post.com/forums/showthread.php?t=246166&page=3
Or you can just leave it stock...that will look good as well.
If you have a wife and suppose you get a DCT, and if she drives it just to go shopping (which is kinda cool, wife driving ultimate driving machine.) She will appreciate the white M3 rather than a black M3
White colored M3, is for a true gentleman, white M3 will tell a lot about you meaning that your more of an open person and a friendly guy to talk to. Top gear had M3 sedan in white and I fell it love it it. Black will just look your hardcore when it comes to sports car, which is cool. White with black rims will get much better attention.
I know 2 people who have mercedes c63 amg, one blacked out and one white with black rims, black badges, black exhaust, black grilles, looks mean allright. They both saw each other's Mercedes and raced as well. My friend who owns the black C63 actually admitted that he should've bought a white one.
just remember this, no matter what color you get, everyone will appreciate you car because its ///M powered. go with white and trust me you won't regret it.
you'll be happy with alpina white
EDIT; black color cars requires more maintenance than white. since the red color in m3 is dark, it may require more maintenance to keep its shine as well.