We first study the transmission property of red light in water in terms of extinction coefficient and channel bandwidth via Monte Carlo simulation, with an interesting finding that red light outperforms blue-green light in highly turbid water. We further propose and experimentally demonstrate a broadband underwater wireless optical communication system based on a simple and cost-effective TO56 red-light laser diode. We demonstrate a 1.324-Gb/s transmission at a bit error rate (BER) of 2.02 × 10<sup>-3</sup> over a 6-m underwater channel, by using 128-QAM OFDM signals and a low-cost 150-MHz positive-intrinsic-negative photodetector, with a record spectral efficiency higher than 7.32 bits/Hz. By using an avalanche photodetector and 32-QAM OFDM signals, we have achieved a record bit rate of 4.883 Gb/s at a BER of 3.20 × 10<sup>-3</sup> over a 6-m underwater channel.