Looks like your standard 3 conductor romex with ground. Dead end circuit. Easy fix. Use a voltage tester first. Ensure that you have 120v between the bare wire and the black one.
0v between bare and white
Wouldn't hurt to check the voltage between white and red too. That red may or may not be connected to anything. But, I'll bet there's a switch in the room that controls that red wire. Someone wanted both receptacles (top and bottom) hot all the time and just cut the red wire flush and replaced the outlet.
Be careful with the red wire.... it's possible (though not likely) there is 120v on it from the other leg which means it could be live, AND 240vac to the black one. My money is on a switch somewhere.
Yup, 120V between black and the bare wire, 0V between white and the bare one, nothing between white and red.
I found a better, more modern receptacle downstairs so I guess tomorrow I'll switch off the breaker that leads to it and replace the whole thing.
The receptacle seems to lead to a junction box that branches off to a bunch of other places including the water pump and the furnace. I then traced the wire going INTO this box and it leads to the circuit breaker section that's labeled pump and furnace.
Lots of the outlets in the house are connected to breakers named PLUGS including the other two outlets in this room but this one seems to have just been added later so it shares with other stuff.
By the way, why would you connect the ground wire to the box anyway?
The junction box this wire goes to has the bare ground wire screwed into the box though.
Yes, grounding the box is code, but it's really just customary on anything to ground anything metal that isn't directly electrified. The reason is because a chafed wire, broken down insulation, a gum wrapper in the wrong place or anything could inadvertently make contact with a hot wire (see that screw on the receptacle where the black wire goes? Pretty close to the box, eh?) and the metal box. Then you'd have a box that's exposed for anyone to touch and "zap". A lot of people don't know this, but the frame of the receptacle is in electrical contact with the box. And the trim screw that holds on the plate screws into the frame. If the box gets electrified and it's not grounded, anyone who touches that screw with bare feet on tile could conceivably be killed.
There's also a less nefarious reason... If the neutral wire touches the box, or even if the box is mounted to a metal conduit that goes under ground, there may be a potential difference (voltage) between the box and the ground you're standing on. I've gotten mild shocks that way. Seen the same thing with a metal kitchen sink before too.
If you can't ground the box easily, if you have a "self-grounding" receptacle, it will act as a ground for the box. It's no longer legal, by code, but it was legal up to about 15 maybe 20 years ago. Ground it if you can.
Listen to the warnings about the red wire. They are valid. Though, stripping the wire and taping are overkill. The wire nut is sufficient. Whatever you do, don't cut it flush with the sheathing. Code says a minimum of 6" needs to stick out of the box. That "rule" is nearly ALWAYS violated by electricians because it isn't always practical. Just leave as close to that as you can and you're good.
One more thing... that receptacle you're going to replace it with... if it's used, make sure you get the black and white on the right screw black is on the right, white is on the left as you're facing it with the ground jack down. Also, you will see two screws for the black and two for the white. Look closely, there is a small jumper that juts out a bit that electrically ties together those two screws. They're intended to be broken off to isolate the top and bottom receptacles in case you want to feed them with separate circuits or have one on a switch. Make sure the jumpers are there or else one receptacle will be dead. Of course, you can jump it with a piece of copper wire. 14awg for 15A circuit. 12awg for 20A.
I hope I'm not being too presumptuous by volunteering so much info?